There’s a phrase in broking that sums up most of our daily experiences in Capital Markets. It’s “one should never JOB backwards”…..it refers to the old days of Jobbers and Brokers on the Stock Exchange, London (as it used to be called) and suggests that no jobber should ever think about the lost opportunity; he should never ever JOB backwards.
+1,400 Great Basin Petroleum
-600 Callon Petroleum
-2,000 Petroleum Helicopters
+2,000 TIE Communications
+2,000 Statex Petroleum
(a few names are still around)
+1,000 Apple Computers @ $36 on 30th December 1980
(issued at $22 I understand although the Red Herring IPO document is long perished)
I remember at the time thinking that the Apple float was a momentous moment for business. The Acorn, Sinclair and Amstrad pc’s were to follow.
& then further entries can be found throughout 1981
+1,000 Apple Computers @ $33 1/4 6th January 1981
+200 Apple Computers @ $31 1/8 15th January 1981
+200 Apple Computers @ $29 1/8 6th February 1981
+500 Apple Computers @ $25 3/4 27th March 1981
+500 Apple Computers @ $31 1/4 27th May 1981
I’m not going to look any further but by my reckoning clients bought up to this point 3,400 AAPL shares costing $109,800 ignoring expenses which if held today would be worth in the region of $10 million although most of this gain would have been arrived at since 1997. As you can see from the prices paid it was touch and go for investors and insiders to see some daylight from the $22 issue price by March 1981. Apple continued to have a bumpy ride until Jobs returned to the company in the late ’90s.
(note to the government & FSA- I suspect that the clients who bought into the Apple opportunity at the time would have been a bit bemused about the current FSA suitability rules and may even have been scared off by the compliance experience)
I recollect that I traded Apple stock myself for clients in 1980’s but not very successfully. The recent spectacular rises took years of innovation and insight and Jobs will be remembered for changing the face of our lives. From the personal computer to iTunes, to the iPad and to the iPhone4 GS.
ps I must ask my father if he met Jobs at the IPO launch.