Why we trimmed Apple for a second time this year. How the short-term exuberance in tech stocks and specifically Apple went too far too quickly. How that was reflected in Apple's current P/E ratio. Glenn breaks down what price or P/E ratio we would be willing to pay given Apple's expected earnings growth and its return on invested capital (ROIC).

This episode is based on the client letter sent out Wednesday, September 2, 2020. You can download the original letter below.

Download Original Client Letter

Trimming Apple, Again.

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