December 27, 2023

Chart Talk: December 27th 2023


The two charts below depict the fall of BlackBerry (BB) compared to the rise in Apple (AAPL). The chart on top reflects the change in the price per share of stock in each dating from December 31, 2004, while that on the bottom illustrates the change in the value (market capitalization).

We are providing this information, not to predict the demise of Apple, as presently it represents our largest stock holding, but as a reminder that the financial landscape is littered with companies, once as mighty as Apple.

Consider this, at the end of 1998, the largest publicly traded company in the United States was General Electric (GE), with a value of approximately $137.1 billion. Despite the recent rally in shares of GE, it’s current market value is about $10 billion less.

  • While Apple has seen a remarkable increase in both market capitalization and stock price over the past two decades, shares of BlackBerry have experienced a different fate.  A pioneer in the smartphone industry, especially with its BlackBerry devices, the company failed to adapt to a rapidly changing market while Apple introduced iconic products like the iPhone, iPad and MacBook.
  • Despite having relatively identical market capitalizations twenty years ago.  At the present time, that of Apple is just shy of $3 trillion while BlackBerry’s is around $2 billion.

This presentation is not an offer or solicitation to buy or sell securities. The information contained in this presentation has been compiled from third party sources and is believed to be reliable, but its accuracy is not guaranteed and should not be relied upon in any way, whatsoever. Fagan portfolio characteristics and holdings are subject to change at any time and are based on a representative portfolio. Holdings and portfolio characteristics of individual client portfolios may differ, sometimes significantly, from those shown. This information does not constitute, and should not be construed as, investment advice or recommendations with respect to the securities listed.

Additional information including management fees and expenses is provided on our Form ADV Part 2. The actual return and value of an account fluctuate and, at any time, the account may be worth more or less than the amount invested. Bond Investments are affected by interest rate changes and the credit-worthiness of the issues held in the portfolio. A rise in interest rates will cause a decrease in the value of fixed income positions. Past performance results are not indicative of future results.”

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