Amid the anticipation of the iPhone 6 launch, excitement surrounding Apple (AAPL) has been focused on its stock price. Shares of the company closed Tuesday at a split-adjusted record high of $100.53. The company continues to break records today as it traded in record territory.
Yahoo Finance Editor-in-Chief Aaron Task said that calling Apple stock a great investment would be an understatement. He cited a Wall Street Journal article that said a $10,000 investment in Apple 10 years ago would be worth more than $456,000 today. “This is why people own individual stocks as opposed to mutual fund or ETF of indexes. Because you just don’t get that kind of performance from the broad market,” said Task. “It just doesn’t happen.”
After “being left-for-dead” by some, Task said that Apple turned itself around and revolutionized a couple of different industries. “It’s just a phenomenal performance.”
With about $160 billion in cash, Task said Apple has a rock-solid balance sheet. “They can buy back stock. They can pay dividends. They can do pretty much whatever they want.”
Task also said there’s not as much criticism about how Apple isn't innovative anymore. “You’re not hearing that. People are getting fired up for the iPhone 6 and what’s going come after that.”