This is Trend Following Radio, where great thinking comes alive.

Nobel Prize winners, legendary traders, best-selling authors, and the pros that know what drive us irrational human beings.

I am your host, Michael Covell, not filtered, raw, honest.

That's my passion.

I've done a podcast on Apple before, and I'm going to do a second one, because I just saw a really

interesting article that was published over a month ago, and it's called Following a Herd of Bulls

on Apple, by James Stewart, who I think wrote Barbarians at the Gate years back.

And I saw this piece because the original turtle trader Jerry Parker had posted it on his

Twitter, and I thought it was worth reading and giving some comment on it.

The article reads, quote,

last September Apple shares hit a record $705,

and to the overwhelming majority of Wall Street analysts,

that meant one thing, buy.

By November, with Apple stock in the midst of a precipitous decline,

they were still bullish.

50, a 57 analyst, rated a buy or strong buy, only two rated it a sell. Apple shares continued their plunge, and this

week were trading it just over 450, down 36% from their peak. How could professional analysts

have gotten it so wrong? It wasn't supposed to be

this way. A decade ago, congressional hearings and an investigation by Elliot Spitzer, then the New York

Attorney General, exposed a maze of conflicts of interest afflicting Wall Street research.

There were some notorious examples of analysts who curried favor with investment banking clients

and potential clients by producing favorable research and then were paid huge bonuses out of investment

...