Richard Gayle on Independence Day. July 4, 2026 - 'For me, July 4th also resonates with the United States victory in the Civil War, another revolution won by the forces for freedom. On July 3, 1863 we had the resolution of the battle at Gettysburg in the East and of the siege of Vicksburg in the West. That two such amazing events not only happened virtually simultaneously but also so proximate to the 4th always makes my heart sing. No one could have written a better script. The South would never be as strong. Lincoln knew of both almost immediately via telegraph and gave an impromptu speech from the White House to a celebrating crowd.'
on Independence Day. July 4, 2026 - 'By the time the US (or its successor nation state) celebrates its 500th anniversary in 2276, , in Star Trek future history, Captain Jame Kirk will have completed his second 5 year mission aboard the Enterprise and the Enterprise underwent a extensive refit before the V’Ger incident in 2273 under his command as Admiral Kirk. If we are to get to that future history where humans are traveling among the stars and there’s peaceful coexistence on Earth as well as neighboring star systems, we have a hell of a lot more work to do. Supposedly, Zephram Cochran successfully uses his prototype Warp Drive to achieve faster than light travel in 2063, a scant 37 years from now. Maybe AI helped with its theoretical and physical development?'
on Independence Day. July 4, 2026 - 'From my unscientific research of listening to people from these recent generations, it’s obvious that American History is no longer being taught anywhere outside of possibly kids who are being home schooled. Financial literacy is nonexistent so I have no clue what is being taught these days because “reading, writing, and arithmetic” seems to have gone the way of the buffalo in public schools. Perhaps the religious schools are churning out much better students? Education was always the backbone of a strong society and IMO still is today. But I have no clue what these local school boards have instituted recently in the arena of academics as kids currently have no basic skills or knowledge by comparison to what I can remember from my days of K-12.'
on Independence Day. July 4, 2026 - 'I’m currently reading a history of what might be called the “manifest destiny” imperative of non-Native Americans. (The Westerners, by Megan Kate Nelson) Even those who fought against slavery here bought into that group-think. Yes, Native Americans were murderous in their interactions between one another long before Europeans came on the scene, so it’s not an issue without shades of gray. Yes, there were tremendous untapped resources lying fallow, but there was also a profound lack of respect for a different way of life. We were a representative democracy, but we didn’t apply that term fairly, and across the board. So as we celebrate the fact that we’re still here, we should also recognize how far we fell from perfection in getting here, and how far we have yet to go to live up to the promise that our form of government represents. Nothing represents that continuing failure better than our present circumstances. After our celebration is over, it’s time for us to roll up our sleeves and get to work, and to do a better job of it than those who preceded us. 250 years is a blink of the eye in comparison to how far we have yet to travel.'
on Independence Day. July 4, 2026 - 'Somehow, I don’t think Jefferson, et.al. used bulleted lists in creating the Declaration of Independence… A recent poll (that got a lot of press coverage) said “46% of those polled don’t know what we’re celebrating the 250th anniversary of.” That just shows either the appallingly poor state of civics education, or the ability of half of Americans to remember what they were taught in school. (and probably lots of each… I often hear how “xxx is not taught in schools” only to remember clearly discussing many of those things in classes. But I have pretty good retention for stuff I learned in high school.) Other polls say that Americans tend towards optimism for the future of the US. Once again, I guess I’m an outlier. Ask me how I feel after the mid-term elections. Anyway, a happy 4th of July to those of us in the US, or US citizens living abroad.'
on Independence Day. July 4, 2026 - 'I asked the new Siri to give me a take on these lines, and here’s the response: The first lines of the Declaration of Independence serve as an introduction, explaining that when a group of people needs to separate from their government, they owe the world a clear explanation of their reasons. It sets a respectful tone, grounding the decision to seek independence in natural law and reason, rather than acting out of haste. The opening lines establish several key ideas: • A Duty to Explain: The founders believed that “a decent respect to the opinions of mankind” required them to clearly state the causes for their separation. • Natural Law: They claimed their right to a “separate and equal station” was granted by the “Laws of Nature and of Nature’s God.” • A Serious Step: The language suggests that dissolving political ties is a serious necessity, not a choice made lightly.'
on U.S. Markets are closed to start the July 4, 2026 weekend - 'Exactly, I had to use Google Lens to ID the jar’s contents: “Based on the visual evidence, the glass jar prominently displayed on the table contains dried green cannabis buds (marijuana flower). Storing cannabis in airtight glass jars is a common practice at social gatherings to preserve its freshness, potency, and aroma. These jars, often referred to as “stash jars,” are frequently featured at cannabis-themed events or “bud bars” where guests can select different strains.” Having never partaken nor am familiar with the subculture, it’s amusing to learn something new about something probably as old as I am. Might find the same answer looking at a plate of brownies.'
on Apple's contempt in Epic case goes to the Supreme Court - '@Gregg: You’re welcome. BTW, you can add the white lace trim around the neck line area like Judge Judy. That will give it more balance. After reading Epic’s opposition to Apple’s Writ to SCOTUS, it appears to me that Apple’s attorneys have a much better grasp of the legal issue here. Makes me feel very good as a long term shareholder. The Supreme Court doesn’t take too many cases each term. But they agreed to take Apple’s request as the Federal District Court Judge and the Ninth Circuit Court of Appeals did Apple a huge favor when they went with this inconsistent “Spirit of the Injunction” approach that is not followed in the other Circuits. Thereby creating a “Split” amongst the various Circuit Courts of Appeals, and compelling that SCOTUS step in and resolve the conflict for uniformity in the Appellate Courts. A very important ruling especially when the protections for civil contempt are far less stringent than they are for a Criminal Court Judge issuing a Contempt Citation and the strident penalties that attach to those court orders. Judges hate being reversed. Especially when it will make national headlines once it’s done by the Highest Court in the Land.'
on Making sense of Apple's 4.8% gain on 'artificial Friday' - 'In my opinion, though I am late to the game, this is 15 minutes of my life that I will never get back.'
on Apple's contempt in Epic case goes to the Supreme Court - 'Thanks for the compliment Michael, but I don’t look good in black among facists. If Epic has spent a $Billion pursuing this issue, then he is the worst CEO of the 21st Century. I’ll bet his attorneys genuflect at his feet, thanking him for their fees. Don Quixote is a piker compared to Sweeney. “A fool and his money are soon parted”. Sweeney is certainly proving this to be true.'
on Premarket: Apple is green - 'Following Friday’s close at $308.63 (a gain of $14.25 or 4.84% on the day), Apple is now up 13.53% year-to-date and up 45.28% over the past 12 months.'
on Apple's contempt in Epic case goes to the Supreme Court - '@Gregg: Buy a black bath robe and get ready to be sworn in as you figured it out better than the Federal District Court Judge who will have her Contempt Order vacated by SCOTUS. Should be a 9 to 0 ruling. But since Kagan declined to hear the matter before Apple filed a Writ of Certiorari, it will likely be 8 to 1. Or perhaps 7 to 2 after a dart throw or two between the rest of the Justices.'
on Apple's contempt in Epic case goes to the Supreme Court - '”the original 2021 text was entirely silent on commissions” or anything else that would constitute a violation of the injunction. Apple’s response was that the “spirit” of an injunction is overly broad goes against case law, including Supreme Court decisions, requiring specificity. INAA, and I’d didn’t sleep at a Holiday Inn last night, but it appears the Judge is attempting to rewrite case law and apply it to jurisdictions outside the Court’s jurisdictions. Good luck on that.'
on Apple's contempt in Epic case goes to the Supreme Court - 'After page 22 my brain essentially shut down. However, by that time the argument against the contempt charge appeared to be a lack of specificity as to what conduct was a violation of an order. There was lots of precedent for the need, requirement, for specificity vs a vague, implied but not stated course of conduct that could be charged as contempt. Having just barely graduated from high school (I graduated because the Administration was fearful that if I did not, I’d return for another year) and graduating from a State approved Police Academy, I do not hold a doctorate in the English language, which I feel is necessary to fully comprehend the arguments set forth. Still it seems that District Court overstepped its authority by A/ not defining offending conduct in the original order and, B/ applying it to parties that did not join Plaintiff or were not in the District Court’s jurisdiction. Tellingly Plaintiff had been a part of a class action alleging anticompetitive behavior but opted out before verdict was announced. From a layman’s perspective it appears the judge attempted to redefine law, and in doing so screwed up by ignoring SCOTUS decisions on “spirit” interpretations. “Specificity” being the standard by which contempt findings and the requirement of advance notice of which conduct was definitively prohibited was required. How’d I do David?'
on U.S. Markets are closed to start the July 4, 2026 weekend - 'Forget the World Cup. Wimbledon. Tour de France. What about Taylor Swift and Travis Kelce tying the knot on July 4th? The wedding of the century at MSG! Anyone from Apple 3.0 going? If so, bring a thermometer and let us know if the AC is running at 78 degrees. That’s more important than how long the train is on Taylor’s gown.'
on Apple's contempt in Epic case goes to the Supreme Court - 'Watch This Space: https://www.supremecourt.gov/search.aspx?filename=/docket/docketfiles/html/public/25-1311.html (SCOTUS docket) I strongly encourage everyone to read the briefs/filings. Even if you don’t understand the legal arguments, you can usually get a sense of what each side is saying and how they respond to the other side.'
on Apple's contempt in Epic case goes to the Supreme Court - 'HI, Bart. I didn’t see any follow-up (but I might have missed it) on this statement: “Following initial efforts to circumvent the ruling, the court found Apple in civil contempt for violating the injunction’s text, confirming that restricting the design or language of external links is prohibited.” How did Apple “restrict the design or language of external links”? Did Apple require the links themselves to change? I find that hard to believe. I can see one lame excuse. A link might have changed because the vendor was using the judgement to advertise their “win” and get clicks. Let’s say the link said: “Save a bundle and avoid paying Apple’s “app tax”! Click this link!” Well, yes, they would have had to change their link, because their brag turned out to be a lie, having been released in advance of all the facts. But where is that Apple’s fault? AI said that Apple said, “the original 2021 text was entirely silent on commissions”. Was it silent or wasn’t it? If it was, then the vendor had no idea what Apple was going to charge for commission. If they had to issue a retraction when Apple’s commission was revealed, then how is that Apple’s fault?'
on Apple's contempt in Epic case goes to the Supreme Court - 'I keep a copy of our Constitution always within arm’s reach. I had to look up the 10th Amendment the other day. It’s the ‘Anti-Commandeering’ clause, meaning that unless the Federal government already has that power, that power remains with the States as to mobilizing troops. Thus why Trump lost that case in MN. States’ rights rule. Would be interested in anyone’s views on Apple v. Epic with respect to the articles in the Constitution, especially as they might be interpreted by various Justices.'
on Making sense of Apple's 4.8% gain on 'artificial Friday' - 'A few observations from this interaction that come to mind: If Jason had an ex-girlfriend with the FCF of Apple, that would be a no brainer to get back together with her again; The second point is that every time you have these analysts all together in a group setting, they’re always so complimentary of one another that it reminds me of a group birthday party with everyone so happy and gushy toward even those who didn’t bother to bring a present. Or brought a last minute crummy one. My thought is that it would be so refreshing and incredibly entertaining if there was a Wall Street Analyst with the acerbic and quick wit of a “Steve Spurrier” who wasn’t’t afraid to speak his mind and say something along the lines of: “That’s total crap Jason. With Apple’s buybacks picking up shares at the bargain basement $275 price point, a real investor would be doing the same thing and using this as an entry point. Just like I did when I wanted to hang half a hundred on the Bulldogs in Athens back in 1995.”'
on Making sense of Apple's 4.8% gain on 'artificial Friday' - 'That’s quite the slant, when the cause and blame rests entirely on the hyperscalers.'
on Making sense of Apple's 4.8% gain on 'artificial Friday' - 'This is fascinating. TheAtlantic.com had an article on price increases, where they -changed the title-. I didn”t capture the previous title, but it was a lot more perjorative than the current title. The subtitle remains “Apple is charging you an AI tax.” https://www.theatlantic.com/technology/2026/07/apple-prices-macbook-memory-shortage/687781/ It does mention, fairly far down the article, that memory price increases are across the industry. But it prefaces that with an implicit “Apple should just eat price increases.” Disappointing!'
on Counterpoint: Apple is snapping up 29% of the foldable screen supply - 'I still do not find value in a device that requires more effort to use, and is shrouded in compromises: Cost Quality Durability'
on Tim Cook is tying up loose ends before the handoff - 'There are only three keys to successful investing: Management, Management, Management. Since 1997 Apple has led the consumer tech sector (70% of total tech dollars spent) by a mile.'
on Tim Cook is tying up loose ends before the handoff - '<> No. And I still do not. Why he would? I only have a feeling that if you play with a fire named Trump you are going to get burned. Golden gifts and his presence on command around the world helped Apple and was, perhaps, unavoidable to have to support the man who epitomizes everything that Steve Jobs and Woz founded Apple to fight and then, with the Mac, threw the world’s most memorable hammer. The Lord alone (and if the Devil is not on speaking terms with Him maybe not) knows what threat was given and what gift was refused to be given under duress. Tim Cook did not, I think, step down so much as tripped over some sort of political landmine. Just a guess, a hunch if you will.'
on Apple asks its supply chain to crank it up - 'Apple Earning Reports, Conference Call and GUIDANCE are the only data points I trust. They come once every ~90 days and prove far more accurate than anything from the internet. The only thing I model these days is AAPL’s daily intraday lows. I’m looking for deviations from historic investor sentiment patterns. The only thing they don’t help with are Black Swans that trigger irrational selling.'
on U.S. Markets are closed to start the July 4, 2026 weekend - 'What a weekend. 250th birthday. World Cup. Wimbledon. Tour de France. I will be sitting in front of the TV most of my waking hours the next few days.'
on Tim Cook is tying up loose ends before the handoff - 'Thank you Tim Cook, for such a great job, from beginning to end. He may not be setting off fireworks at home, but he sure set off fireworks in my 401k.'
on Making sense of Apple's 4.8% gain on 'artificial Friday' - 'I know, it’s a superficial observation, but her voice would drive me crazy after a short period of time, making it impossible to appreciate the content.'
on U.S. Markets are closed to start the July 4, 2026 weekend - 'Happy 250th! I’m in World Cup heaven. Back to reality after July 19th, unless my team wins it all.'


