Michael Holland on Apple: ‘These are crazy numbers’

June 15, 2011, 2:27 PM UTC

On Bloomberg TV, the head of Holland & Co. joins the chorus mystified by AAPL’s valuation



Source: Bloomberg TV

Michael Holland can’t believe Apple (AAPL) is selling for 11 times next year’s earnings.

“Apple’s not being picked on,” he told Bloomberg’s Carol Masser Wednesday, “they shouldn’t take it personally.”

Holland, who worked for J.P. Morgan, Salomon and Oppenheimer before starting his own private investment firm with $4 billion in assets, names Google (GOOG) and Microsoft (MSFT) as two other “great franchises around the world” trading for far less than he believes they are worth. “Particularly,” he adds, compared with, “the Zyngas and LinkedIns (LNKD) and all these crazy valuations where there are no earnings.”

But for him, Apple is exhibit A.

“Take just the most simple metric for most of the viewers. They understand the price/ earnings multiple. The price you’re paying for this year’s earnings and next year’s earnings. We’re talking 13 and 11. It’s crazy. Those numbers are below even the most pessimistic growth rates for the near future.”

You can see the 6-minute video on Bloomberg’s site here or in a Vodpod version below the fold (Flash required) .

[vodpod id=Video.11018228&w=425&h=350&fv=me%3Dooyala_player%26amp%3BembedCode%3Ds2MjJqMjrW-XKy26me_fQvCgigSuDrK2%26amp%3Bwidth%3D640%26amp%3Bheight%3D360%26amp%3Bvideo_pcode%3Doza2w6q8gX9WSkRx13bskffWIuyf%26amp%3BcontactServer%3Dplayer.ooyala.com%2FQ2HGKJ-PryQsG7CT%26amp%3Btext%3D6fKqs3ZEjiSbD7sUNcVN_henVreowC9Sc392bQZRLa4TaikStFWuoBmqjPpd_tT99fKcw_0DSTnhjr-lrkuTzxUnGlbPgE_r09j-rQWxuc2c8MbvwGydoqDbNXtvt-PEQVHXLUzuk-DMvDswqmVmX-hNyga3oO6lHL42mJImtRTOjGnKdZDMTwVV7qUaVU_5AEf6T9bgBZzwg5PbTc51tHzXjn9_X70QW8IDp7PfCghC_AKnbugM_bQA-MeIav1kCGmf4V4QXXprCUu6Medi-Mu0ZzZOEa71hSrW0R1nojr1TER2umJbVQ25vKndEBjIktGMcRdYHS7hKQOf3JJzwick-7WJbvO7bXx_Z8rGetWn4QTKLmTqZsrPkykVS3Jw_FUxOhBKIOHAqzFQXM4Z20KtYFteZIBeK0mfTIWpPjZENXEMT2xY_NEpe8kKkhUeAXnNRGoFGGcbaUT_dKeVT7Y16hqKTKfxnPTTcvuKjwDpVfOBBLKmS7BiiznxniiSdDJvz7XROirWkwOSI6KBaU3oCR-fdULWO8n7RTB9aN2hNXE_YKG6JNZFrRWpyeVELT_eg_ucLK_Som1wi_n7PHRfYhJUwmyy7BUWif4xkU0uJrjZKxeR5nnr2–bUEv7M2RdQv1l-8H9iQlf17V_3GdjtkyrWQdYEuXKdkYhfU7tHNzCLc2ScCjxN_H6HH4Ydef5zS1Z6AL8UyVyqAkYYQTumzdD_hZMZ95kys_kMy_rHqQf841AgsqKsFIMVd7buGj4i28I8FPs5xlcyR9NE1NVmLzn30JNYPvAsd-BUD-qb5ll_YA8z7c7EdBMM6M1pPLMkwOhvTzPM9_RhZv0_gP_30KPTfRTwYBA6uU7hJ2FZ87-Y7t3EdKxUNciGFZ235jVUyU8k41CrxL6S0k7ZzKhY67emRhrVs8DDTz8Ga9tVTv2rqj4hUJumY8XMeS4M4C7BxATYpftbMUDWZ50LK7MYRZIp6qydV2lN80yEmnikGs5rZ5Dj8nGLA32Sm26aDQDzQHuvhUzPLqRG6zyZGni5oeNKbROFB8RYa26egYkNd1GQial3qet9aTNcSf6X3G56Ih8GuyfloDVdXZ3UDhZQIeykMCoQA9K_pN17b74qo8FfOhDVhpFqTz83ELZejccmUIXhOiIefSyDH96C-r4J1KhkLc_RPUdn8Wd8Ax0Gc0aLx0uLQt9OE3L_NIkj2ILbKGehjzKEMaxTRCYBejhjYM8-w9ieTtZxvxFb1-oEcWZ-Bn_6HN9_mP78oPS6kHnVtw9p9jerpORG1Gc-MBK4Pq1j01-mf4kKEwk4yjq9Ov0BJQc9CNxQ7wwWJRecvLbPh2kzwHooS3Hj0TAGvZM-eo0S4eCn2F2MEYMxWPg4_wO0qas29AnZu2A6iFYYP8fSTojysbBtKV9Xp0jFbVE6LLLfO1x3zk5TUh8V4e3g781sCbTFzIxo1GxEFZD4T3djWUSyF6FOGMr1Xv-hpv0mitDi_v7TZxLYcUR76YIlkFdwZsN2ToIFVFACNISgpnwv-ChAvWna-KSdeC5c-BolebN8qsqx0BXe3hFC9Og5ab2Ax-U4AfNl5i2eltBzDw_7mXwS0tBxCQ-NN2doFf6HmzBsVL5GDtHF37Gm7f43h3NxLY4ETIXYLazCuiUdv9PoCSWGgmmU7nqCjPRwpLQv3gk6SpV-3rMXJ4wonWU9vTxEGAyMmySHrmEkriAU0fHm33-N_pfcPYTDk1DmMH_Ma5SABZipAv-0Q3Zd9OEsFVxaE_CRsfD1TZiMm_gOw0z0HURouVy54mxopPqCCO-jTgNCqk5oVYMYwtcbuSa71-3l-5k8oRyxZzCwzURABbtEZKh-9kWKTCTV3U36ALHdVJ-37UJGJ9S2UL72ZpGh54hAy8ysey8uQ4r8nwAZ0hjPFBz-hQzi3sI2mZWBYGcX88MnxUQf64pY3c_R4_aWBaqnq8vNLKKsySkz_1S_SqC4KEnFAtUg6_dtvkHSkn7kfVxz9KuPGIhI26o0iPYBTHyi8wF0Tn7JtfBcT2VIq632eoeZ0_MuFhFhT5t0tmIntUndaBNyNwqVLZdWbwU59-Wg8agiDdm1y3WpM1N1OsYvyZMsSOLC-yNV9yKqndOpL5dqvH3yCK1p4Zkiav1Tdt7SHNIJ_WNVDmXYnH9yZkVzGgbsiPVH4rTve3UOUlcygAeSGzm1YXrfDTG3QDzniv0xtu14JnvssSUO8l9jeoOUoIXH5Gpito09qqEFKrOxzAgan_Ky8W1rM1dF32hmy7ehou-2pNOjGveJjNRh_ExpB4mFaAMzNNKQZ-GsvC2QeyKYdIF6p5DCYFo6lMDg8l8SfmTaaP3RY2ai7drtNufWX9QdrGFK2PMn0mYcClY9ONWQR0LQgAQrm6-wVbQf_cHlsLDXvA1V87rwRRFLrQuJsgkLteWwRyongWNu_kmNfnPWZOhKqHuFxuMC4JhKRJ_ewaEHnXrR8213kasmEbHKdeGzK92Ty5841biNi3SCOt0tOsnasHmTsURMrFqyRKz_sNjcL80XfKudYfommVQ3DiQLcG468slSiUuM_-29rPzgOEYHruP5qMSvesZow5tXlil-QHp4M8C1RUuvfR5FGm0Zxlo79DUsBhnI0YB0X0_c-0hh4PesinV0DJUjBy2HQyKcR33n4hFroi9A26NzzV2FEExK2JCMFssiCUicm7Yfq5vdPuxASe-rOIdrEFfO-UWtub8dafAOK6BWcguBMRCsG0h2fka1M5hMo9bQhq_L8k2gGS7VNRSAYkptSA-3EpYsTS9c9u9VTvT_4EaPLIbbSZ9_VTK5EQayEtotL3hKMgdG68E_Pq8-Llu62eB8QrZxYqokQOrWDldNurfvj2OW5k5ZTmSYwRZ26b20BBlsue4eT6h2kA5YHoCaukux1wQtkiSV3dlVCm3ortJnCfD_lEUOWIQ4SB2mkE5KK8hO7mAkL6OK5v7XcQJ1hzfZG9vfSGwSpBOQm1LBLqrEKk3bl-wZ1g5DoV1TprBDGmRjRsXhKp0f9SPajlYzQIYxAJmwIECIpKxi4g68Zy-CH8O7gHnMTbGutykOSPT4aDPNLFxI_QOHAziCoCn7HIfYDqO27Hth11gmZCN_4RkxepFP2jjf-XNmHxrWov6DKaDs97q0J3Yd62chalyimlQIXSc3r7ICtQ26C9tvVbuwfpWwGH5kMNKsmozCG3HbvQYn4pVwNaTBDxwAa8ahLOjKhWxc7W2FFcABcGg4YUHE1evMir3YyZQSAjhANYWdY-oZNvjnofV0Gcp0qTSCC9j6q6aikx_O1RPT7U6IWn5NFIEQn7YdVsuuNwHnshlA2YAciQzQjxT5sagHx7iAXzgixXKqVkro91gNnbNZ61_16O8M0fHQyIVM7oA7Ey15b1Kz5CtK-VXnub4zHewAA51mQi7KReTdOCHZGiQkheq30ceo-4uzaR3j7q-egw8fqNI3hzfl_n-PnhLnFzMV1fhkEtgEHuew1qI22w6RH1oUi15RiU-Y5AGrr_qVrbpGVYmzjrB-o967p_m6xy_IXqoOn1saHSLSNHO0pnRbz_UNBzIN-KVU7_QNRXNKmrGFc_sWsYEVH1ozu_AltHVQIreNKst5-YypF7ZDU1pvm8sDXgDg3Cb29XKz0tLM9HHwYJQSoxn9knz4zIqoPD0jDVTzDbqgFh3-uJ4LOW9r7_OLvH6kSLxDK8FyAgevoRA-op6fu9S8pP–svf1CROw2TpArWhfQSykYTN73iT3TeTh5D4QoKDnFdDQpZrl4EuUt-wavkrFa7On_ExdMbCbi8xN7jtKzNBHd54pqLa-Sh5bRFlQiKgbqsWdf5JX5zAQ0yqe5QWRfJBgOFBBLQ4gUere11kioTuIURyHEmgREWRJSeLwfO6FNh0RmMiz7xdvzQ_Jx9gAcLWwcSIfTXcCURb5iE29wO31Ir15q-BVxamjPClROjoSHUAWOxRsLOIy4jMNX1WL-zOnTofjo9SUew1lqsp0UxsEqdPB4CybsQZnNAabUHB9omPmF1zHuCiFZdWZlnCTixAW7myhO_sTzAZuwNFCKrR5OXnfApEktAIv4daBmT3vBDYxNBwFWnCeTwyViilk7xs1FNZmksPyyIdMuT2BM0X_4CazRBQNEfpwKJEKuVy_TeD9D-5GY9BpK5ovH4hhj0bJ1x32Brf5kceCoRxkeFNzz5TAW16tavAUp00MycG-ZdAI4UKRRE6QcU91w_92SaXIORbbmT26jNcQqNfuy1gtBN2fZad0eO6BlnymySxEapwBuSDA6dJnHTjJOVoFF0WiV5lOcyUQKHfEwd0J8dm-5kefFbjKvNj2C0hmo4-Gby6XEEzMRXETZyXTgNt9GV0_BHm9gRYTEdHh6CkP2KugNFML4-X7XwclVoArcbkxNmCDKPsbHZwQ9bTycVEOIZwtHtrkQIE88-wutGDxtNPtQh77zZPptjYtKBY1P9TyP_oAx0Cwu4n4VKWECmG4uJ81JSFCGgZjIEfL2wjM-gyA8uu933O12SWrfVsPc4bfkWDKFgrsUyKdDUGJPNxo_30lzuyT1pItANEBYDh8HFIo–NlYQeKRKId9eFxXsH747oN8zDFjkNiYud86e09WsS0U9abauldGgzhC9Q3a9U8ecD8hcZIIhBytNonCcu2PzlFbxQP7p33tH-ykZtlVqMX6VtRmYdqL5D29YPB4tFTcFOOqUkuP0IgmTsKcxl7Rl_tMSuODNYhQwooystllmCBA54yEt5ExInpxjgtwXaMKNGqd5tk3ljlx8v38F7epm70MdS_9Gg2C0jQHqTB6NYOZJzXufwujwpgRVqGHwxVHXcICeZiSKIUQNTRVETo9ebgws3yjjLupkkDbngbLJVqqmLbusbfJ3oa-QRiWaaKnZIYi5yx8_UvKxtis1hNIsncvqsxCU3GE6nSMDIyQrLUfrihXe_xbarPFbmuI0DOEQu0_pQpIqwOlOGZE3d6IhuOvXTWEu-Nlao5LZcciXG7r_zZjMjY3-NPKJOqpFFq7fdq-UtFa7d3zevtgPK_qpspDntabRNZGtcdw3rr8f5fON_Db_kc8qWUCOy0Zl8gVmyns8j-vOypNdVk6M2c2OrPwQxIUgslq22VrNY_wI0nIHoN1A1Q4qcJXeVmBpaxP8Ku2TUS1wAImTolVPjY303yov-ggXtLAo4141JOQQV2tuROZrZ9AEBl_D2-hmIwdviD5SHpIkZYtaCm6Y_cQvtwhNF9nlcS65IvvW9GyiMLq3f5qC_yLvPauOASY49FCML5c_FG1XfqK0C_mH4Auat9ZkGI9T5lfzDKiK4Kb8R40wwRAIghzDhvtC1q2tR8nqrWEh8E4qTivyikF65BwCoG232-nmx6u_A4I8Jwom5rbhGQDeVg346SaVf8ZAHxcjWe6KD8ykF4RO7lAfr_ki0k73wbTjFKnL2S7AxMtcZEe8iCdXAKqTCLi4WAOpj4oAlKejPdDholCXXesOfBgp9mFzI5dXpFF31fgBvbtFKCfBpYG9kn9-EZb12zevVn2FeSr-UgVyW1NPETYoUlfhWvAybwOLP0Y7xfJ4pdlXOWrESr8CrSTT24ugfflizViUTuuExbsxwrxKqT1ZSUN-T2ZAa7_YK_kVxN-RRmn1BW5-8gKj4nB8DrlD-AgXsI2MrzRt4Tnzewj7C1r-EsaN3RYwmHeSRA2P5t9pdvHVXLlcqSjJNFL6ul2WNBdpOYe4WlKH-IEfA64pGdwDNu7FTx8uezSgOC-5vu4dqwlLPBxlhW61kYjKklgOQgsrVBIxrytFQ6b4XCBoAvkih5UJpaujaqBRd76jL6wG7ghqwOuozGJM9ZmutPG13u6M8e048fr012i2lM5gP9RIbc3ukai3c-ZKvHPd-KM970eCFa8uY1fCF2xcRFj0R0MGy-7iz7qCPe7xEpKa44Kgu2fTcndeq_wlq2k_i8eAHMrIS6Vjq4PJXtIly9gQe9nLgE7MH59ArJ64aLv_d0yvj-mbj3iuXskK-Y6j-e6gjp_8wScxNg-XW7RBy9oXDjQgiYJ3RwEtIRlOwcLJmoTPr6eVfHnY-egUS5QP8gJgQt6l7vFqAF6cF4E58cCIWb2DrL702daeCJEcD4u4viqpH1_aJDutX3SGt1KzROq3J-BL4QF-s-5FlfwxhMsz6V9soC-Y4_kVIJ1a_4s850F7tdUqcc4-uRHzMD8appBijo2DXbb94tyQmVKH3yOoELqcizX1dmJ4InCOx4o23S8V5L6dELyZt1sItaGecQyTTSgewHTe7DmUToDOAOM36ekwInQcZG4BNj_PcK3iTBlC2uuryrXQjff8UVRMo1tx_syenNZvCRdTuPQLLsyF_PtYSPT74xnoqt4EB9SOYVfndZdlnsq8Vl2OnM0lYLweeV62X6RXAcIINtxZQHhucdzJKEGoJl6Jz11XGE5wUoDayagyIGUQ8aqzb8ppTxxgDyu3MyNVSnIcXcU8bIjV4yYQabzk3nX6-SdlPn9yu-9BiOXBw7Ch3yUKP2-VUpeNwzEIoTJ3LqIb8m1uFIiVIkKtsQvAi5AQoH3pC_gFtWcmI-fUSqTt9uZKiAGifXOYJCoM32jSrzeVAuqtw1GRcwOmfjEQCoPkrxvXHYh7t0Hayc6sORFM1KYNhQGf_SP4qGEUpVuXY3ahHp4ZH1X6ErxZ3X1pqomipFS8nZjVd3FH-69djzTXp1lZcHrNnoDxHvbUzbIUwm8ObeSUBhDtdzoZ9pIFxZvZe2o-30Jobgq99rNZUUAAwBEWTavFOxBxEvyVyI7q9ytbpGG-01upAUR4fjycldCZc-u5w0cZylXH7PkdXTtX1aCRZh1Re0EtsDCvU4QSDNohGg-DXhyHQEc5wvlhXViN0dH9hlLFVlbThBqZE0YZtlyTJcOx0wsDaytqn1ePgfcLI-HvXH2d8oU6X6GqWL8D4MpD_C56_wAeTZ9DfqyNCGySTU4g_n9NfzapygPir3yzA0MAgINaV4PqNooEtdBm1SqLmQyjb4OPhj2lKaJLnPTIVHia0piGGQtWEddkSY7MSZ9pit-DRYYgd3wOtgXwwmo1al1ZnIcvBMDNaJnf-lxkaB8g4CSp8E5tLN1ZPPujiG0_1AFbI-LE6p0zXEkvFVl1T2oZPrPmIA4wMuRCV9JgeiOdyF3SYUIlLwUyXDZaj8mwlk-4vh9Eb0BLc65YTsn5IoujH8noBre_jPQ5qVihWyJs3kPaHMqYvSz35wYUeYWMYNVXPksTEEEuZ79rCF0DYaTi_L-ajM8hcVslO7HxwD1JzLt4b6DpEghZXOGj8dtDqc2HMHe5qsy54I-GUQ2–rPQlf6yvpOHzh0LNQQutwJMDrSNGxYCh0jTBHJ69wimLe5n7fJXnJQYhRmj_YhAig4KsJEPcc1pqzcoz31WBtKUku54ueLn2MsjPAt6ZBLtnLXlVnFlphqTnEGHFdTL42JdavYDt1KOnDmp5E8AcZpzLcpeHBYPzPFiqA4bQONfDekDEs1SoHxdl-hGl60zSCVaqo-U9I2OZfMWmRBYQj-NxkBNiN8yK5bRNXB4IvLDXrkfnV6mDcdD1iMH6CtcQBoJKh6uDtcsjRIW2pY0cd1b5UHlrb_CkYHewGB0zVDZRiFYkR93UWV1_eTutuU4VRavViopFIhl-2_0HpZKzW8g7EYISCLepNq91lf93930eG1fecQ43KgwcIp2uOYCZmHNKBryhQsdpY_ZqrxpfYRMW36lqews7f7IqBftfXUEgi_ClXmLSdfsm9JAVwO3N8QjJoRsG2v85zXlsLEAQjvD8fk22JOmMFOyb4K1LYFza8EW6geeSLnNczXMSV9zTq5hut5mITBhYxLm6TB5UDWiG7ZtG3PIViXrSMg2aNbb51Z2CNpcdMgk02FHuAQAKGlIuPbdkjO5lYOrll9oufibAmS-RAEp9dGH1lN0HQLt3U8oziUnm14y-i-XkTlM1xfx3n4rwJNBhZ1oUtpE2G8ZzKR7MkAGxwdJwthvnlWpJq6mFgBz20fDnYkZPT0iT67knTeWpmJ3bMI_JMgMLypiERsFMTniONNtWa85VIWa7jC2sUsOj8XbqzGnZ8Ojoh6DhdI79yUkTbuOJn5pa00JZraW0mPjNxWM9ZNQ9mxitKtsnB-3bC8HYCbVjsKg9CFsL4kQB1Xh_p8OXObNpshudQmo6-8fuBcdxLIHnGqXvK1vtvSsPsFSxcwRqL1NZa-DzMvQrYfYVy6w-4e1iUc8JFRPPXFIKRnodXm3kr_EU_mAyebXu674W8xXzXr-aBElEkb9U_M2SKRpoGCBsY4PwQlynKQMlTokPghSaok6nIvE9FMvGC6TPixdLO-Cow6aBHAfSlTxT2wyjUVjivx1v8tYJR9mXgis7vB2ja8xqKCTy2rkUBjyo2d6pjNf9QBIV8V-khyE6f-cu9_fLjjeyn2gRyRVHCxSLGUYUekDWDzRMu7u-IurvXdUA6_BUoxTSpRROC9D-4HusvWZK200TS_PR5ZEh4T-EI53oiilKwGYwHZxvxU42y-zyQWfiSmT3uvjmtRWVMhZA0-qxQC1nqyX6krnjYMH7qMsKq2d8Tuf4imcnuDb3cyC06H3H1Fn7mY314dq4iTJjtTgpe2oKdVk6IuE_cNpOqCt3LdU0F-1JkhW_uQX20PHPrBdv3JN2CsY5-ApK86_c5pfmMNCuOzH-z-szFbcasB_9iLQ62wUvzJVW9WxmBBIHQCFnKJABqzRCkN9rQrn6T7pnQ1RL79OqQkzDLLTOxrJ9XI2GcKXqvHSA-v9a7651llAeDxGjDbPidqIx-Gm8TxYEUmfDiqj64fVbT8JIx10gb_hU3xQGTkxddjmlNEa-0GGy7VVktgLvBr5fWej6fOP30juOmyer7X0XVpx42sqO-1HVpd3hEieoL7N9vT_95SyC38JxlKUCEUq8fKKUwECvC-DVmG1oBdjQEoZ8lKmgBrp44gdV9DUIxDrVLVixHa5LQik9nd_Lqtr57x_EvH6_M6wz-8opPN0y7j8f9L3InsLQh9C-arcXuXPX6HYvv78Z6klaknPPvOvUCmjaiThsUi9c7bW1YqVAuotChymmXWqQrjCl4YVYNizb4ZJGssMvGdTu7eWa30EBQmu0H6TV12Nuq2JSpn1AkKvSVRHrkhWJj1nENSLoqnBoESuA3J9wx41mo48XyqZSeuL8FAh2kpoW7JqgSjy1AkGQlJVKgHSSbZcOdO_6TPmTGU8HTpdlkFgqLpPS8J78kTXaOBTnuCK_0Oep3pQxlDjJBA1KUImun8rqWsSZBjpphk5YWkddMzgwCKZPsSNkjA-8N7fVEuMWlbWw8ug0NVcTm1EbgvoFaxRmXFGFjqr09kRrcXIKW0duPd_jIAV5_xrQP0DOPssp6Jt3dBB5KOi6ChEAZ2SdnF_n9QiSgde_qQ_Z8AjXlD94Jwdd142jBY6WagknAan10FgmPsTRK8W-08jrSAu_JMR1haHoGzdPkG-HRVzGgRa2rJvUSe2BId6qyDF6yufKnyqHXMg1bexaa6T0-7wBoPerb3BUp7hQCO-SnYlDO-zw8DRdMGnerLX02A%2A%2A%26amp%3BdocUrl%3Dhttp%253A%2F%2Fwww.bloomberg.com%2Fvideo%2F70876308%2F%26amp%3Bautoplay%3D0%26amp%3BthruParam_doubleclick%5BtagUrl%5D%3Dhttp%3A%2F%2Fad.doubleclick.net%2Fpfadx%2Fblp.video%2Fvod%2Fportfoliomatters%3Bsz%3D1x1%3Btile%3D1%3Btp_video%3Dnull%3Bdcmt%3Dtext%2Fhtml%3Bord%3D671801384723%26amp%3BloadStartTime%3D1308137953833]