Billionaire investor Carl Ichan released an open letter to Apple today and asked the company to buyback “a lot more and sooner”. He forecast company shares are worth $203 compared to around $100 now.
To preemptively diffuse any cynical criticism that you may encounter with respect to our request, which might claim that we are requesting a tender offer with the intention of tendering our own shares, we hereby commit not to tender any of our shares if the company consummates any form of a tender offer at any price. We commit to this because we believe Apple remains dramatically undervalued.
Here is the full letter, entitled “Sale: Apple Shares at Half Price”
The rest of the letter is a gigantic, gushing, fawning, fan boy pledge-of-allegiance to Apple from Ichan.
At today’s price, Apple is one of the best investments we have ever seen from a risk reward perspective, and the size of our position is a testament to this. This investment represents the largest position in our investment history, reflecting the strength of the convictions we have expressed in this letter.
