Apple Would Be Worth $1 Trillion If Market Valued It Like Steve Jobs-Run Company: Analyst

In a note that made waves this weekend, Global Equities Research's Trip Chowdhry recently shared his displeasure with Apple Inc. AAPL management. "Tim Cook and the rise of Bozo Culture at Apple has destroyed $486 Billion of potential shareholder value," he wrote.

Here are nine key quotes from Chowdhry's thesis. Of note, Apple shares are down 2.3 percent in early Monday morning trading:

• "Apple urgently needs to institute a "No Bozo Policy"...Investors are increasingly getting concerned about "Bozo Explosion" at Apple."
• "Apple needs a new CEO: Jonathan Rubinstein, the father of iMac and iPod, Board Member of Amazon.com and a close associate of Steve Jobs...Tim Cook can go back to his Operations role."
• "Apple needs a new CFO: Fred Anderson, he was CFO during Apple's resurrection under Steve Jobs...Luca Maestri can go back to his Accountant role."
• "Apple does not need Angela Ahrendts, completely clueless for an "At-Scale" job, a misfit for a role at Apple."
• "Under Tim Cook and Luca Maestri has been trading at massively depressed 11.5x PE multiple...Under Steve Jobs, Apple Stock traded above 20x PE multiple and consistently above the S&P 500 (the Market) PE multiple." (Graph above explains this concept.)
• "Apple's Market Cap would be $1 Trillion, if Apple Stock traded at the S&P 500 market multiple, like it was during Steve Jobs."
• "Instead of focusing on PE Expansion of Apple, which currently is 1/2 the PE market multiple of S&P500 and is costing investors more than $480 Billion of potential shareholder value destruction, Cook has been foolishly arguing with Charlie Rose over $40 Billion in taxes on 60 minutes."
• "Why is Apple's PE multiple so Low?...Tim Cook has no vision."
• "Apple beats quarterly revenue and earnings estimates handily, but lowers the guidance, and Apple keeps repeating this cycle."