Quick take: AAPL
Apple did well, selling a lot of iPhones in China. I had been waiting for this to happen for nearly a decade - in and out of CHL and CHA and AAPL positions - and got tired of waiting.
Apple's hired the Burberry executive to take Ron Johnson's place, cementing my opinion that the iPhone/iPad/iOS/iTunes product will continue to be positioned as the hood ornament of the 21st century. Ron Johnson's spectacular failure at trying this strategy at JCP - they didn't give him anywhere enough time to do this to an entrenched 100 year old brand that had a totally different connotation - stodgy, cheap, lowest-common-denominator, sells to 55 year old overweight people - actually bolsters my view on this, it's been their strategy for some time.
I want to see organic growth and I think they've got a lot of share to take. But that's not the thesis that drove me to own AAPL in 1981 and 1993 and 2001 and even 1996 when I was gritting my teeth. The thesis was "Insanely great." The thesis was "Think different."
The thesis was Bill Atkinson, responding to a mandate that he would be paid by lines of code by cutting 3,000 lines of code out of the codebase and improving the software's efficacy and speed by doing so.
The thesis was Guy Kawasaki traveling the world to tell people the benefits of open hardware standards long before Open Source was a word on your lips.
The thesis was Appletalk, Firewire, Darwin, Lisa, Newton, Rhapsody, Rajthani (IP over Firewire - never took off). The thesis was Target Disk mode. The thesis was a smartphone that integrated GPS like it was natural - HP tried this with their 6945 but never brought it to the US market.
The thesis was to take stuff developed in an HP engineer's spare time - to take stuff developed at Xerox's advanced research lab - and put it into the hands of regular folks.
Putting a satin magnesium polish on it - or a sapphire crystal - or a sparkly gold, or Bondi Blue, or lickable Aqua, or Tangerine iBook color on it - that was always part of the deal. It was never the *whole* deal.
I'm concerned that a disgruntled AAPL employee - someone whose spare-time hobby project is more interesting than his day-to-day work - is going to found the next company that I really want to own a piece of. And that's why I'm not holding AAPL stock right now.