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Tim Cook's last day as CEO of Apple (Nasdaq: AAPL) was yesterday. Hardware chief John Ternus took over this morning, and Cook moves to executive chairman. |
Let’s take a moment to celebrate Tim Cook’s performance. |
When Cook took the job in August 2011, the consensus was that Apple was Steve Jobs. Cook was the operations guy — the supply chain specialist Jobs had recruited out of Compaq in 1998. Six weeks later, Jobs died. Almost nobody has high hopes for the future of Apple. |
Here's what happened instead. |
Apple's share price rose about 2,275% over Cook's 15 years. Total return, with dividends, came to roughly 2,736%. The S&P 500 returned 769% over the same stretch. The Nasdaq 100 gained 1,512%. |
I bought my first shares of Apple on October 17, 2012 — about 14 months into Cook's tenure. After accounting for stock splits and reinvested dividends – I’m currently up 2,185%. |
This chart does a good job showing the strong performance for Apple during Cook’s tenure. |
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The market cap went from $350 billion to $4.7 trillion. Revenue went from $108 billion in fiscal 2011 and is expected to hit $477 billion this year. |
He built real businesses from nothing, too. Apple Watch. AirPods. Apple Pay, Music, TV+. Services alone now clears $100 billion a year at software-like margins. And he moved the Mac off Intel onto Apple's own silicon. |
Now the comparison everyone wants. |
Jobs took Apple from near-bankruptcy — a $2 billion company — to $350 billion. That's roughly 11,000%, about 110x. Nobody will ever beat that percentage, because the starting point was almost zero. |
But Cook added about $4.3 trillion of market value on top of a company that was already one of the most valuable on earth. Compounding from $350 billion is far harder than compounding from $2 billion. |
Jobs created the modern Apple. Cook turned it into an institution that no longer depends on any one person — including himself. |
Fifteen years, 2,736%, and a handoff with no drama. Congratulations on the retirement, Tim. |
So, what’s the next big winner? |
It could be Anthropic of OpenAI – both expected to IPO in the coming months. Each could IPO at a $1 - $3 trillion market cap – handing early investors solid gains. |
Here’s your link. |
Ian Wyatt
Editor, Daily Profit |
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