Why "Halve" Apple?
Bernstein points out Buffett's rule for buying tech stocks: Sell when the P/E ratio exceeds 30!
For Apple, Buffett has shown a clear sensitivity to valuation, establishing most of his positions when the P/E ratio is below 15, selectively adding at a P/E ratio of 20 or below, and reducing positions when the P/E exceeds 30. Last quarter, Apple's average P/E ratio was 30.
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