Hedge-fund manager Dan Niles said on Monday he would not invest in Apple for its quarterly results because of its high valuation. “I won’t mention Apple,” Niles said on CNBC’s “Closing Bell” on Monday. Don’t forget the decline.” Apple is expected to report fourth-quarter earnings after Thursday’s bell. The tech giant is expected to record year-over-year revenue declines for the first time since the March quarter of 2019. The stock is up 10% this year after he fell nearly 27% in 2022. The founder of the Satori Fund and his senior portfolio manager, said the stock remains expensive after the 2022 decline. Niles said he trades at 24 times earnings, much higher than the S&P 500, which trades at about 18 times earnings. “The market wasn’t growing before the pandemic, but people still love it because most of us have his iPhone in our pocket,” Niles said. I’m here. “You don’t want to confuse product with inventory. That’s a big mistake, especially when the multiples are high.” He explained that shipments may be lower than expected. “I think this year is a digestion phase. You can go to any store and get any iPhone you want, so the demand isn’t as strong and you don’t run out of stock,” Niles said.
