“You can’t eat an iPhone. You can’t live in an iPhone. You can’t be warmed by an iPhone.” — Alphaone’s Daniel Niles.
From an interview with Niles on CNBC Thursday afternoon:
When I hear people say smartphones are a consumer staple… let’s think about that logically. Does anybody here actually think the 16.8 million people [applying for unemployment] are thinking about buying a smartphone? They’re worried about paying their rent. They’re worried about getting food. They’re worried about shelter. You can’t eat an iPhone. You can’t live in an iPhone. You can’t be warmed by an iPhone. So, at $800 on average, and a 20 multiple, I think it’s very hard to make the case that Apple’s a bargain at these levels.
Cue the video (the Apple bit starts at 5:45):
My take: Niles is a naysayer from way back.
See also: Dan Niles archives