Apple's Crisis of Confidence
Hello from New York, where I'm taking the day off from TV. And bathing. And pretty much everything except watching The Blues Brothers, blowing my nose and doing some stretching to offset the suddenly too-oft-quoted "Fetal Position & Cash" thing.
Which doesn't mean I won't link to the atypically insightful New York Times op-ed again.
I haven't grown a sudden sense of shame: I'm in finance and on TV. Once you become a hussy, it's just a matter of negotiating a price. It's also a matter of pacing yourself.
Which brings us back to watching The Blues Brothers and trying to rinse off the stench of "political process." I'm hoping a tub of scalding hot water, bleach, a pinch of lye, a quart of tomato juice and just a dash of hydrochloric acid will do the trick.
Here's what I'm watching in the meantime:
- I was born just a touch cynical; I learned all I know about the political process from Schoolhouse Rock. So what set me off about the endless stream of Senators and Congressmen coming on my show to justify claiming to be holding out for a bill that "cracked down on Wall St. fat cats, defends Main St. and protects our children from a massive deficit"? If you guessed "financial ignoramuses trying to take the highroad on loving their children," you win today's "How to Enrage Macke" pool.
If you have kids, and aren't Shawn Kemp, you automatically know what it is to be perpetually horrified by their exposure to "life". I play a mad guy on TV but, truthfully, unless you bring my kids, my wife or my brains into it, you're not really going to be able to infuriate me. I spent a week talking to folks who did all three while burning down my financial markets. - Speaking of family, today's unscheduled day off was also inspired by Mrs. Jeffmacke, who had the pleasure of pausing last night's Vice Presidential debate broadcast after every question so I could a) tell her how Biden and/or Palin "should" answer every question and b) give alternating lectures on "Biden's inability to overwhelm an inferior opponent" and "Palin's (advisors) refusal to have her take the high road by taking the stance that this crisis is not about Wall Street versus Main Street."
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I hope Steve Jobs lives for 100 years, all of them lucid and chock-full of loved ones lauding him.
Jobs is in the Pantheon of all time great executives.
The BOD of Apple is guilty of lying about Jobs' health in the past. They denied the cancer story for YEARS. Apple's BOD can't be trusted in their responses to rumors about Jobs' health today and they have collectively failed to prove that Apple is more than a reflection of the brilliance of one man.
A Board's primary jobs are to A) judge the progress of the executives in charge B) prepare a succession plan to ensure the long-term success of the organization and, by extension, the shareholders.
Apple's BOD has done a decent job at A. They are miserable at B. It's not the hedge funds' fault that AAPL reacts negatively to health rumors anymore than sharks are guilty of eating fat, slow, seals.
