talking about it in the last 24 hours. we’ve owned it since the teens. it’s i think 35, 36. i’ve been traveling the last few days. it’s okay. i’m not in love with anything these days other than my wife and my grandchild and my kids. you said you were using options. what are your broad thoughts on what apple’s doing now? i’m not the expert. i’m much more low tech — the dividend, buyback and everything else? i think their financial policies up until recently have been destructive. sitting on 100-plus cash in a zero interest rate environment. but they’ve modified it now. a bit of credit for helping move them in the right direction. he’s a smart fellow. i sold the apple near 650 or so because i did not see anything down the pipe that could remotely approach t iphone 5 in importance. i also basically recognize that they were getting a premium pricing from the tellcos for their product. even though i have an iphoned an an ipad. thistrillion market cap et cetera at the time was to move away. he was a bond guy, as you’ll have jeff on, you can ask him. we didn’t short it, we just sold it. he shorted it. one of the great et calls in recent memories. from a fixed income guy — absolutely. he’s going to be up later. we’ll talk to him more. we’ve already covered so much, lee. you’ve given two new position picks. you’ve talked about apple. let’s get one more. and that’s facebook. why are you in facebook? john, my partner, has done a wonderful job, got me into sprint at two. we still like that, by the way. give a little commercial for sprint. we’ll talk about that, absolutely. we think that people are underestimating the mobility opportunity that exists in facebook. and so we think ultimately they can achieve the market cap comparable to a google which will make a stock very rewarding. a little more speculative, higher multiple than the kind of things we’re normally involved in. havjohn on the program, he can tell you. you’ve got a couple guys here — absolutely, we see the same thing. everybody was critical, talking about they need to do things in mobile and do a better job. i think mr. zuckerberg so far has proven they’ve been able to get that ad revenue everybody wanted. we’re just not seeing it right now reflected in the price of the stock. we think that’s covered. you think you’re going to figure out that the mobility game — start monetizing more? i think the numbers are starting to ramp up. and you have to be, lee, like me, wishing that you were getting the kind of performance out of qualcomm, you know, one of those big support players — i think the market is saying — excuse me for interrupting you — sure. what the market is saying is you’ve got another big year next year and then things slow down. you had enormous cash position. they’ll be probably uyback 5 billion this year. the multiple seems very reasonable. but it’s been disappointing. but i don’t think they have the problems of an apple because they’re more ubiquitous. they seem to need what you were just talking about, that next big it thing. if there was an ipad, an iphone or iamsung comes up with it, that could be what moves the needle for qualcomm. that’s what facebook now is doing, perhaps from the comments from lee cooperman. the stock is getting a lift. we’ve got so much more ahead. we’re just getting start heard from las vegas at salt. let’s go back to headquarters for a market flash with josh lipton. i know you are there in sin city but here in new york at the investor conference yesterday, we had some big names making big picks. david ihorn recommending investors do their own homework. but he does like oil states international, ticker ois. its off shore products are technologically advanced, highly engineered, some are considered must have. ihorn saying that stock in the green today. also t well-known short seller said the business of hard drives is a value trap with companies like western digital and seagate likely coming under the same kind of pressure that has hit pc stocks. a few weeks ago, you asked channos about that very thing. here is what he said. if you look at the hp and dell scenarios, it’s natural to sit back and say what about intel, what about microsoft, disc drive makers? all of the companies that are relying heavily on pcs. yes, yes. why not those? well, i mean, i’m not saying why not those. i think that your viewers should be, you know, sharpening their pens when in this space because clearly the surprises are going to be on the negative side going forward. sharpening their pencils. scott, back to you. and hopefully they wrote down the names seagate and w because that’s what channos talked about yesterday as being good shorts. the one issue i would take with that wholese is seagate has been moving into the flash memory world. they’ve released some products recently. they’re not as tied quite to the pc market as they once were. they see what’s going on in mobile so they’re
