From this side of the Atlantic, it is hard to conceive the hold that Apple has on the American investment community, because there is no equivalent here. At least one Wall Street analyst has given up the day job to set up a consultancy whose sole purpose is to analyse its financial affairs; serious studies have suggested that if Apple launches any new product, such as the rumoured electric car, something like 20 million Americans would consider buying it. Whatever it was.
In Britain, Apple shares are among the top five overseas stocks traded by Hargreaves Lansdown, and the second most widely traded American one.
Let’s look at the bear case first. The high dollar will limit reported earnings. To survive, Apple needs to continue