Feldman's Faves: October 11, 2021

Good morning BL5 – I want to wish you and your families all a very Happy Thanksgiving. I am very thankful for many things in my life – one of them is working with the amazing people here at Goodmans and in particular in our spectacular section (unequivocally the best at the firm, by far). I know everyone is getting really busy again and I appreciate all of the hard and smart work you are doing.

BTW, I was in NYC last week and it was glorious. For those of you who enjoy the theatre and plan to visit New York soon, I highly recommend The Lehman Trilogy, which describes the rise and fall of Lehman Brothers in a fast paced, creative and captivating way. The three actors, who each play multiple roles, are simply brilliant. The play is three and half hours long but you are never bored.

My theme this week is Apple based – the company, not the food, although it is a great time to go apple picking in Ontario….(yes, that is a lame dad joke)

Small Fry By: Lisa Brennan Jobs – Have you ever wondered what it would have been like to live with Steve Jobs. Well you need not wonder any more. A few years ago his daughter, Lisa Brennan-Jobs, wrote a book that tells this story and it is NOT exactly a heartwarming tale. There is no question that Steve Jobs was one of the greatest and most innovative thinkers and doers of the last 100 years but I am quite certain there were no Number 1 Dad mugs in his house (and I am sure there were no dad jokes made in that house either). In Small Fry Brennan-Jobs describes the many cruelties and indignities that she suffered at the hand of her father and what awful things Jobs put her and her mother through growing up (e.g., not helping any real way financially while living lavishly with his new wife). But she is a gracious person and a thoughtful writer who I think wrote this book to exorcise demons and to show a maturity and understanding of her father and of the unique circumstance of her life of being who she is. This story is very sad and is reminder of the complexity of people how being good and successful in one area of life doesn’t always translate well into other areas. Here is a good review from the NYT - https://www.nytimes.com/2018/09/04/books/review/lisa-brennan-jobs-small-fry.html

After Hours - Has Apple peaked? - Would you buy Apple stock today – the answer to this question is based on whether you believe that Apple<s best days are behind it or still to come. With Tim Cook at the helm for ten years now (yes time flies), Apple has become a very different place than during the Steve Jobs era. Maybe that’s a good thing – as it is a cash generating machine. Take Air Pods, a major hit and true best seller, as an example. They are awesome and cost a fortune and people love them but they don’t even begin to move the needle at Apple given its current valuation. So how does Apple continue to be a growth story – does it create a driverless car, focus on advertising, come up with something entirely new OR does it become a mature business that simply throws off cash, LOTS OF CASH. This PODCAST discusses these issues and left me unsure as to the future – so for now I will HOLD the stock that I have and defer a decision on any new purchases…..Here is an excerpt from the PODCAST itself: It's been 10 years since the death of Steve Jobs. Has Apple peaked after 10 years of Tim Cook's leadership, or is the best yet to come? Harvard Business School professors Youngme Moon, Felix Oberholzer-Gee and Mihir A. Desai debate the prospects for Apple: https://podcasts.apple.com/ca/podcast/ted-talks-daily/id160904630?i=1000536408910

Thank you for your ongoing engagement and participation.

And remember to stay safe, stay healthy and to docket daily.

Jon