David Teece writes about Apple and its dynamic capabilities in the post-Steve Jobs era.
“I am fascinated by the bipolar swings in sentiment toward Apple Inc. Last September, it was a magical company that could do no wrong. But by mid-April, Apple’s share price had plunged more than 40 percent, from a peak of $705 to less than $400. Pundits were darkly warning that the “age of Apple” might already be ending.
“The black mood has ebbed a bit in the past week. Apple’s quarterly earnings weren’t as bad as some had feared, and it announced an epic stock buyback. At the end of April, Apple raised $17 billion at low interest rates through the biggest non-bank corporate bond deal in history.
“I make no judgment about Apple’s stock value. It may have been overpriced last fall, and it might be underpriced right now. Let the manic-depressives decide…”