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Thursday, June 24, 2010

The co-founder of AAPL who sold his 10% share of the company for $800

Pahrump, Nevada (CNN) -- Ron Wayne is usually just another gambler at the Nugget Hotel & Casino in Nevada. He comes here a couple of days a week to try his luck on the video poker machine. But on this trip, he drew some curious onlookers, as he was escorted by a CNN camera crew. A gift-shop worker asked him if he's famous.

"Well, I'm one of the founders of Apple Computer," Wayne responded.

Wayne, 76, is used to the puzzled looks. He said people assume that he must be living in a mansion.

"I'm living off my Social Security and I do a modest trade in collectors' stamps and coins," he said.

The irony of being inside a casino is not lost on Wayne. After all, if his short-lived career at Apple had gone differently, he would be holding a different kind of winnings: 10 percent of Apple's stock.

Today, that stock would be worth $22 billion.

Wayne left Apple for only $800.

"What can I say? You make a decision based on your understanding of the circumstances, and you live with it," he said.

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How about the doom and gloomer bears, who can't see anything good about the stock market, their life, or the economy? We've had ten years of no returns in the stock market, and now these savants think we'll have another 10.

And when they are 76, you'll see them in the casino. But unlike Ron Wayne, who doesn't begrudge his sale of AAPL, they'll blame someone else for their misfortune!!

5 comments :

Anonymous said...

We crashing, now what?

whydibuy said...

10 years 0% return bad??

Tell that to the Japanese investor who have a 20 yr -75% return.

Yeah, tell 'em how stocks have to go up. That poor Jap pensioner who put away 100k in 1990 now looks at a meager 25k AFTER 20 years of bullishness for retirement.

You are truly clueless.

Settembrini said...

whydibuy--what was the return on stocks from 1990-2000 or 2000 -2007? how about buying in 2000 holding through the sideways 2002-2003, maybe buying more on dips and then selling in 2006-2007? After a certain point, when the market goes up,it is best to sell(or at least sell half your stake and let the rest ride.) if an investor who bought in 2000 did this, they would be ok in 2010. It also depends on what you are buying --like what about the investor who bought apple(not CSCO) in 2000, how would they being doing.?

The japanese investor had a few chances between 1990 and and 2010 to lock in some profits. Nobody, is advocating hold and forget.

I don't know what you're point is-except, IT NEVER GOOD TIME TO BUY-Stock MARKET FOR SUCKERS. But sometimes it is a good time, and Palomoni knows this-and he knows their is always RISK-we know that -I knew that when i bought some DOW last year at 17 and sold half at 31. but if i listened to you--you would have given me a BOO! Bear scare--

we get it, whydibuy --you think the stock market is for fools, that it will go down and down,--

-my DOW went down to the 14's for a while after I bought it--it happens,--realize your risk when u buy! which is why I don't use money to buy stocks i know i will soon need--I can wait--good thing--

and I will wait, FOR C TO PASS 5
BAC TO PASS 20--WILL IT EVER HAPPEN? or NEVER happen? What's your GUESS? NEVER?

SHOULD I SELL ALL OF IT NOW, WHYDIBUY?

--ps--what the hell, is going on WITH CSCO? I did make a mistake of buying it at 27--which went against my rule of not buying on bull days/52 week high points--oh well, --should i hold? or sell and hang my head in shame?

one more PS-Stocks have to go up. Here's a tip buy IP if it goes under 23, then wait and sell it afer it hits past 25--how ever long it takes--because if it goes under 23 --it has to go back up!

Darn, I can't do this because I'm short on the cash flow, AW Shucks

Settembrini said...

sorry for the spelling/typo errors above --I wrote it on the rush rush--i will take more time, and double check before posting in the future

Anonymous said...

Hmm 10% of Apple for $800? Who was the genious on the other side of the trade? hah