AAPL at New All-Time High While The Internal Destruction of Steve Jobs' Legacy Has Begun

Apple's stock price closed at a new all time high, and a market cap north of $600 billion. As I'm a long time shareholder, I couldn't be happier about that. But what bothers me, is that since Steve disappearance, there's a markedly drop in the companies performance as a whole:

  • It all started a few weeks after Steve's demise: Tim Cook, the new CEO in charge, announced that Apple would be buying back shares, and paying a dividend. Steve Jobs was — rightly or wrongly — completely opposed to both, and you didn't see any of these actions for his whole tenure.
  • Watching Apple's keynote presented by Steve Jobs made me think it's easy to make them. Well, I was so wrong: suffice to watch the WWDC 2012 to realise that the new boys in charge are really nowhere close to Steve's ability to present. Thumbs up for Phil Shiller though, who is the only one making a good performance.
  • The new ad campaign, started during the Olympics, was nothing but outrageously dumb and pathetic. Apple stopped it.
  • Apple has been fighting in court against Samsung for month now, and in the process, have been revealing all their "secret sauces", sales numbers, old prototypes etc. These are numbers, prototypes and plans that Apple has been protecting for ever at a very high cost. And now, their legal department is ruining everything, and wasting massive amounts of money, while also wasting the time of high profile employees, who, given the list of this post, have better things to do. And for what?! What do they seriously expect to get out of this trial?
  • The new head of retail is yet another genius with one card in his sleeve. His only plan? Let's fire some staff and we'll be more profitable. It has already backfired and stained the company's public image. But beyond that, it shows how this guy missed the point on Apple's need for super high standards everywhere, including the sales at the Apple Store. Well, now, they've back-pedalled but how long until the next big mistake?
So my guess is that Apple shareholders and fans should be worried. On the more positive aspect of it, it seems like the competitors (Google, Samsung, Nokia + Microsoft) suck even more than Apple's management team. But how long will that last?

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