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Buffett vs. Burry: Who's Right on Apple?

Buffett vs. Burry: Who's Right on Apple?
Two marquee investors take opposite positions in the largest company in the world.
While $Apple(AAPL.US)$ declined in the first quarter of 2022 along with the market, it still held up relatively well and trades at a reasonable, though not exactly cheap, valuation of 24 times earnings, even near today's lower prices. That seems like a bit too high a valuation for Buffett to be buying more shares. After all, the price of Apple stock is more than five times as high as it was when Berkshire first began buying the stock back in mid-2016.
It's unclear if Burry chose Apple for Apple-specific reasons, or the fact that it's the largest company in the Nasdaq Composite. Coming into 2022, Apple had also held up much better than the expensive software and electric vehicle stocks Burry had been shorting last year. Late last year, Burry revealed a short bet against Tesla, among other expensive-looking tech stocks. He was also short Treasury bonds, in a bet that interest rates would rise.
Still, in market downturns, it's usually the strongest "generals" like Apple that fall last, so Burry may be making the bet that since other high-priced speculative tech stocks have already crashed, large-cap tech stocks like Apple could be next. It should also be known that 13Fs don't reveal short bets, so the Apple put option bet may not even be Burry's only bet against the market. He may be short other stocks outright.
It's possible both could be right. Burry looks to have been right in the short term, as Apple's stock is down about 14% since the beginning of April. However, given how often Burry trades, it's possible he may have already sold off these puts by now. But maybe not.
$Tesla(TSLA.US)$ $Meta Platforms(FB.US)$ $Berkshire Hathaway-A(BRK.A.US)$ $Meta Platforms(FB.US)$
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