Mann: I know Jim Mueller and I have gone through and shown this before. But Apple (NASDAQ: AAPL), for example, has something on the order of 3 billion shares outstanding.
Jim Mueller: Peter Lynch. I think it was One up on Wall Street talks about the fall from how far something has dropped. After it’s dropped like 50% from the all-time high or something. People buy shares because, “Oh, it’s fallen already again, can’t fall much further.” When the truth is, it can fall 100% from where it is now and does on occasion. The all-time high is just a number.
Mueller: Give me a second, I’ll give you the number.
Gillies: Remember they split four for one. I think it’s closer to 15, 14.
Mann: Here’s the number that matters. The last price could be set on a trade that involved one share. The all-time high is not 15 billion shares moving at once. It’s based on one share. So Jason, to that extent, I completely agree with you.
Gillies: It doesn’t matter.