Kaminsky's Call: Don't Be Fooled by Apple
Morgan Stanley, Vice Chairman
Let's say it together; Apple is the exception, not the rule.
People will beg, borrow and steal before they give up their iPod. Unfortunately for the stock market, that is not the case when it comes to everything else.
My "Call-to-Action:" Don't be fooled by Apple. It is not a leading indicator of consumer spending. Companies like Best Buy , Dean Foods, FedEx and California Pizza Kitchen are, and they are telling you the consumer is tapped out.
In a lot of ways, Apple's success reminds me of the massive growth of the cell phone industry in the early part of the last decade.
People kept betting against the industry, and that pessimism only fueled a robust rally. The same is true today of Apple.
That's all well and good if you own shares in Apple, this decade's growth story.
But don't out-think your success. What happens with Apple, stays with Apple. And if you own other retail-sensitive stock?
Well then, you've been warned.
- Cellphone Aims to Reinvent Industry
- Apple iPad Sales Accelerate: Three Million Sold in 80 Days
- Red Flags for Retail Stocks
Programming note: "The Strategy Session," hosted by David Faber and Gary Kaminsky, airs weekdays at Noon ET on CNBC.
Gary Kaminsky does not hold any equity positions.
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