The vagaries of Apple (AAPL) stock.
“Following the lead of a 33-year-old investment advisor named Andy Zaky who had written that Apple was going to $750 by January and to $1,000 within a year, Smith [an out of work ad agency creative director surviving on his stock portfolio of Apple shares] converted most of his Apple common stock — more than he should have — into high-risk Apple call options. When those options expired in the third week of January with Apple trading below $500, they were worth exactly zero. Smith had lost roughly $400,000 and all his Apple shares.
“A lot of people lost a lot of money when Apple went into the extended downward slide that just entered its sixth month. And there were plenty of other experts saying all along that the stock was undervalued and ready to bounce.…”
This is the story of the rise and fall of Andy Zaky who’s investment advice on Apple after many correct predictions had finally turned sour.