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  • TELLING YOU HOW IT IS TECHNICALLY IN BEAR MARKET

  • TECHNICALLY IN BEAR MARKET TERRITORY, FALLING 20% OR MORE

  • TERRITORY, FALLING 20% OR MORE FROM HIGHS.

  • FROM HIGHS. TIM COOK SAT DOWN WITH OUR OWN

  • TIM COOK SAT DOWN WITH OUR OWN SUSAN LEE TALKING ABOUT THE

  • SUSAN LEE TALKING ABOUT THE CORONAVIRUS AND SAYING I GUESS

  • CORONAVIRUS AND SAYING I GUESS THAT, LOOK, IT’S A PASSING

  • THAT, LOOK, IT’S A PASSING THING, IT’S NOT A LONG-TERM

  • THING, IT’S NOT A LONG-TERM THING, THAT WAS THE GIST --

  • THING, THAT WAS THE GIST -- >> THE DEMAND IS THERE.

  • >> THE DEMAND IS THERE. PEOPLE WANT TO BUY THE iPHONES

  • PEOPLE WANT TO BUY THE iPHONES AND THE APPLE SERVICES, BUT

  • AND THE APPLE SERVICES, BUT BECAUSE OF FACTORIES BEING

  • BECAUSE OF FACTORIES BEING CLOSED, STORES BEING SHUT, THEY

  • CLOSED, STORES BEING SHUT, THEY CAN’T GET ACCESS.

  • CAN’T GET ACCESS. THE DEMAND IS THERE, IT WILL

  • THE DEMAND IS THERE, IT WILL COME BACK, AND I THINK MOST

  • COME BACK, AND I THINK MOST ECONOMISTS BELIEVE THE

  • ECONOMISTS BELIEVE THE CONSUMPTION WILL RETURN.

  • CONSUMPTION WILL RETURN. BUT WEED HAD EXCLUSIVE ACCESS

  • BUT WEED HAD EXCLUSIVE ACCESS WITH TIM COOK IN BIRMINGHAM,

  • WITH TIM COOK IN BIRMINGHAM, ALABAMA, A HOMECOMING OF SORTS

  • ALABAMA, A HOMECOMING OF SORTS FOR A LOCAL HERO.

  • FOR A LOCAL HERO. HE GREW UP IN ALABAMA, WENT TO

  • HE GREW UP IN ALABAMA, WENT TO AUBURN, AND NOW HE’S PUSHING

  • AUBURN, AND NOW HE’S PUSHING TEASE NEW PHILANTHROPIC

  • TEASE NEW PHILANTHROPIC EDUCATIONAL INITIATIVES AT APPLE

  • EDUCATIONAL INITIATIVES AT APPLE AND BASICALLY SUPPLYING CODING

  • AND BASICALLY SUPPLYING CODING OPPORTUNITIES FOR THE

  • OPPORTUNITIES FOR THE UNDERREPRESENTED.

  • UNDERREPRESENTED. WE HAD A CHAT WITH HIM, AND WE

  • WE HAD A CHAT WITH HIM, AND WE TALKED ALL THINGS APPLE, STOCK

  • TALKED ALL THINGS APPLE, STOCK MARKET, CORONAVIRUS AND, YES,

  • MARKET, CORONAVIRUS AND, YES, EVEN HIS RELATIONSHIP WITH

  • EVEN HIS RELATIONSHIP WITH PRESIDENT TRUMP.

  • PRESIDENT TRUMP. LISTEN.

  • LISTEN. >> THINGS ARE GOING PRETTY MUCH

  • >> THINGS ARE GOING PRETTY MUCH LIKE WE THOUGHT THEY WOULD GO

  • LIKE WE THOUGHT THEY WOULD GO THERE IN TERMS OF BRINGING

  • THERE IN TERMS OF BRINGING THINGS BACK.

  • THINGS BACK. AND SO ITLL, IT WILL TAKE SOME

  • AND SO ITLL, IT WILL TAKE SOME TIME.

  • TIME. BUT, BY AND LARGE, I THINK THIS

  • BUT, BY AND LARGE, I THINK THIS IS A TEMPORARY CONDITION, NOT A

  • IS A TEMPORARY CONDITION, NOT A LONG-TERM KIND OF THING.

  • LONG-TERM KIND OF THING. APPLE IS FUNDAMENTALLY STRONG,

  • APPLE IS FUNDAMENTALLY STRONG, AND THAT’S --

  • AND THAT’S -- >> DO YOU ANTICIPATE DISRUPTION

  • >> DO YOU ANTICIPATE DISRUPTION AT THE LAST PASS THE SECOND

  • AT THE LAST PASS THE SECOND QUARTER?

  • QUARTER? >> WELL, OUR SECOND QUARTER’S

  • >> WELL, OUR SECOND QUARTER’S THE QUARTER WERE IN, JUST TO

  • THE QUARTER WERE IN, JUST TO DECLARE WITH OUR INVESTORS, THE

  • DECLARE WITH OUR INVESTORS, THE MARCH QUARTER.

  • MARCH QUARTER. YOUR CALENDAR FIRST QUARTER.

  • YOUR CALENDAR FIRST QUARTER. AND SO I DON’T KNOW THE ANSWER

  • AND SO I DON’T KNOW THE ANSWER TO THAT YET.

  • TO THAT YET. WERE STILL IN FEBRUARY, AND,

  • WERE STILL IN FEBRUARY, AND, YOU KNOW, THERE’S REASON FOR

  • YOU KNOW, THERE’S REASON FOR OPTIMISM.

  • OPTIMISM. BUT WELL SEE, YOU KNOW?

  • BUT WELL SEE, YOU KNOW? I THINK THE FOCUS IN THE LAST

  • I THINK THE FOCUS IN THE LAST FEW DAYS HAS TURN OFF OF CHINA

  • FEW DAYS HAS TURN OFF OF CHINA ON TO KOREA AND ITALY.

  • ON TO KOREA AND ITALY. SO I THINK IT’S VERY IMPORTANT

  • SO I THINK IT’S VERY IMPORTANT TO SEE WHAT HAPPENS THERE AND

  • TO SEE WHAT HAPPENS THERE AND WHETHER SOMETHING NEW COMES

  • WHETHER SOMETHING NEW COMES OCCUPANT OF -- OUT OF THAT.

  • OCCUPANT OF -- OUT OF THAT. OUR SUPPLY CHAIN IS RELATIVELY

  • OUR SUPPLY CHAIN IS RELATIVELY MORE IMPORTANT IN CHINA, BUT WE

  • MORE IMPORTANT IN CHINA, BUT WE HAVE GREAT BUSINESSES IN KOREA,

  • HAVE GREAT BUSINESSES IN KOREA, AND WE HAVE SUPPLIERS IN KOREA

  • AND WE HAVE SUPPLIERS IN KOREA AS WELL AND SUPPLIERS IN ITALY

  • AS WELL AND SUPPLIERS IN ITALY AND A GREAT BUSINESS THERE AS

  • AND A GREAT BUSINESS THERE AS WELL.

  • WELL. SO WE NEED TO SEE AS THAT

  • SO WE NEED TO SEE AS THAT UNFOLDS.

  • UNFOLDS. >> THE STOCK MARKET, OBVIOUSLY,

  • >> THE STOCK MARKET, OBVIOUSLY, IS REACTING, AND APPLE --

  • IS REACTING, AND APPLE -- [LAUGHTER]

  • [LAUGHTER] HAS BEEN DOWN --

  • HAS BEEN DOWN -- >> YEAH.

  • >> YEAH. >> IN -- IN THE PAST FEW WEEKS.

  • >> IN -- IN THE PAST FEW WEEKS. THAT CREATES VALUE INSIDE

  • THAT CREATES VALUE INSIDE AMERICA’S LARGEST COMPANY.

  • AMERICA’S LARGEST COMPANY. DO YOU THINK THERE’S VALUE THAT

  • DO YOU THINK THERE’S VALUE THAT INVESTORS ARE MISSING?

  • INVESTORS ARE MISSING? >> WELL, MY PERSPECTIVE, FIRST

  • >> WELL, MY PERSPECTIVE, FIRST OF ALL, I DON’T FOCUS ON THE

  • OF ALL, I DON’T FOCUS ON THE SHORT-TERM GYRATIONS OF THE

  • SHORT-TERM GYRATIONS OF THE MARKET.

  • MARKET. I THINK FOR ME AND WITH THE WAY

  • I THINK FOR ME AND WITH THE WAY WE HAVE RUN THE COMPANY, WE WORK

  • WE HAVE RUN THE COMPANY, WE WORK FOR THE LONG TERM.

  • FOR THE LONG TERM. AND I SEE NO LONG-TERM

  • AND I SEE NO LONG-TERM DIFFERENCE BETWEEN WHAT WAS

  • DIFFERENCE BETWEEN WHAT WAS HAPPENING FOUR WEEKS AGO VERSUS

  • HAPPENING FOUR WEEKS AGO VERSUS WHAT’S HAPPENING TODAY.

  • WHAT’S HAPPENING TODAY. AND SO, NO, THE MARKET TAKES

  • AND SO, NO, THE MARKET TAKES TIME TO RECOGNIZE THAT AND SO

  • TIME TO RECOGNIZE THAT AND SO FORTH, AND ITLL DO WHAT IT’S

  • FORTH, AND ITLL DO WHAT IT’S GOING TO DO.

  • GOING TO DO. I’M THE LAST PERSON TO BE ABLE

  • I’M THE LAST PERSON TO BE ABLE TO PREDICT IT.

  • TO PREDICT IT. FINISH.

  • FINISH. [LAUGHTER]

  • [LAUGHTER] BUT I WOULD, YOU KNOW, FOR ME, I

  • BUT I WOULD, YOU KNOW, FOR ME, I LOOK THROUGH THAT, LOOK THROUGH

  • LOOK THROUGH THAT, LOOK THROUGH THE NOISE AND CONCENTRATE ON THE

  • THE NOISE AND CONCENTRATE ON THE FUTURE.

  • FUTURE. AND THE FUTURE LOOKS VERY

  • AND THE FUTURE LOOKS VERY BRIGHT.

  • BRIGHT. >> YOU MIGHT BE ABLE TO GET

  • >> YOU MIGHT BE ABLE TO GET APPLE AT A DISCOUNT, A 15%

  • APPLE AT A DISCOUNT, A 15% DISCOUNT.

  • DISCOUNT. >> WE ARE A BUYER, RIGHT?

  • >> WE ARE A BUYER, RIGHT? WE HAVE A SHARE REPURCHASE PLAN,

  • WE HAVE A SHARE REPURCHASE PLAN, AND SO, YES.

  • AND SO, YES. >> THIS MIGHT BE AN OPPORTUNITY

  • >> THIS MIGHT BE AN OPPORTUNITY TO MAYBE UP THOSE SHARE

  • TO MAYBE UP THOSE SHARE REPURCHASES FOR APPLE.

  • REPURCHASES FOR APPLE. >> I DON’T WANT TO ANNOUNCE

  • >> I DON’T WANT TO ANNOUNCE ANYTHING ON THE AIR, BUT

  • ANYTHING ON THE AIR, BUT EVERYBODY KNOWS THAT WERE

  • EVERYBODY KNOWS THAT WERE BUYING SHARES, AND IF THE STOCK

  • BUYING SHARES, AND IF THE STOCK IS LOWER, YOU BUY MORE SHARES

  • IS LOWER, YOU BUY MORE SHARES FOR THE SAME AMOUNT OF MONEY.

  • FOR THE SAME AMOUNT OF MONEY. >> NOW, YOURE THE ARCHITECT OF

  • >> NOW, YOURE THE ARCHITECT OF THIS LOW INVENTORY, FAST MOVING

  • THIS LOW INVENTORY, FAST MOVING SUPPLY CHAIN THAT APPLE

  • SUPPLY CHAIN THAT APPLE CURRENTLY HAS.

  • CURRENTLY HAS. DO YOU HAVE ANY, I GUESS, IDEAS

  • DO YOU HAVE ANY, I GUESS, IDEAS TO MAYBE BRING BACK OR MOVE SOME

  • TO MAYBE BRING BACK OR MOVE SOME OF THAT SUPPLY CHAIN OUTSIDE OF

  • OF THAT SUPPLY CHAIN OUTSIDE OF CHINA MORE?

  • CHINA MORE? >> WELL, IT IS IMPORTANT TO

  • >> WELL, IT IS IMPORTANT TO RECOGNIZE THAT OUR PARTS ARE

  • RECOGNIZE THAT OUR PARTS ARE BUILT EVERYWHERE.

  • BUILT EVERYWHERE. THEY ARE TRULY GLOBAL PRODUCTS.

  • THEY ARE TRULY GLOBAL PRODUCTS. SO YOU HAVE SEVERAL PARTS THAT

  • SO YOU HAVE SEVERAL PARTS THAT ARE MADE IN THE UNITED STATES

  • ARE MADE IN THE UNITED STATES THAT SERVE THE WORLD.

  • THAT SERVE THE WORLD. SO NOT ONLY FOR THE iPHONE

  • SO NOT ONLY FOR THE iPHONE SOLD IN THE UNITED STATES, BUT

  • SOLD IN THE UNITED STATES, BUT THOSE SOLD AROUND THE WORLD.

  • THOSE SOLD AROUND THE WORLD. AND SO WHAT WILL HAPPEN TO THE

  • AND SO WHAT WILL HAPPEN TO THE SUPPLY CHAIN AS WE LOOK BACK ON

  • SUPPLY CHAIN AS WE LOOK BACK ON THIS, I WOULDN’T WANT TO SAY AT

  • THIS, I WOULDN’T WANT TO SAY AT THIS POINT BECAUSE THE QUESTION

  • THIS POINT BECAUSE THE QUESTION FOR US ALWAYS IS WHAT KIND OF

  • FOR US ALWAYS IS WHAT KIND OF RESILIENCE DOES THE SUPPLY CHAIN

  • RESILIENCE DOES THE SUPPLY CHAIN HAVE.

  • HAVE. IT’S NOT WAS THERE A PROBLEM,

  • IT’S NOT WAS THERE A PROBLEM, BECAUSE THERE WILL ALWAYS BE

  • BECAUSE THERE WILL ALWAYS BE UNPREDICTABLE THINGS THAT COME

  • UNPREDICTABLE THINGS THAT COME UP.

  • UP. BUT AS YOU KNOW FROM FOLLOWING

  • BUT AS YOU KNOW FROM FOLLOWING US, WE WORK THROUGH EARTHQUAKES,

  • US, WE WORK THROUGH EARTHQUAKES, TORNADOES, FIRES, FLOODS,

  • TORNADOES, FIRES, FLOODS, TSUNAMIS, SARS.

  • TSUNAMIS, SARS. AND SO WEVE HAD A LONG LIST OF

  • AND SO WEVE HAD A LONG LIST OF THINGS, AND THE OPERATIONAL TEAM

  • THINGS, AND THE OPERATIONAL TEAM IS VERY GREAT AT WORKING THROUGH

  • IS VERY GREAT AT WORKING THROUGH THESE.

  • THESE. SO THE QUESTION FOR US AFTER WE

  • SO THE QUESTION FOR US AFTER WE GET ON THE OTHER SIDE WILL BE

  • GET ON THE OTHER SIDE WILL BE WAS THE RESILL YENLS THERE --

  • WAS THE RESILL YENLS THERE -- RESILL YEANS THERE OR NOT AND DO

  • RESILL YEANS THERE OR NOT AND DO WE NEED TO MAKE SOME CHANGES.

  • WE NEED TO MAKE SOME CHANGES. MY PERSPECTIVE SITTING HERE

  • MY PERSPECTIVE SITTING HERE TODAY IS THAT IF THERE ARE

  • TODAY IS THAT IF THERE ARE CHANGES, YOURE TALKING ABOUT

  • CHANGES, YOURE TALKING ABOUT ADJUSTING SOME KNOBS, NOT SOME

  • ADJUSTING SOME KNOBS, NOT SOME SORT OF WHOLESALE FUNDAMENTAL

  • SORT OF WHOLESALE FUNDAMENTAL CHANGE.

  • CHANGE. >> SO YOU DON’T ANTICIPATE THEN

  • >> SO YOU DON’T ANTICIPATE THEN MOVING, SAY, TO OTHER LOW COST

  • MOVING, SAY, TO OTHER LOW COST COUNTRIES LIKE THE SEAT

  • COUNTRIES LIKE THE SEAT UNANIMOUS OR THE CAMBODIAS?

  • UNANIMOUS OR THE CAMBODIAS? SOME PEOPLE CALL THIS AN

  • SOME PEOPLE CALL THIS AN INFLECTION POINT FOR CHINA’S

  • INFLECTION POINT FOR CHINA’S MANUFACTURING INDUSTRY

  • MANUFACTURING INDUSTRY ESPECIALLY WITH THE DISRUPTS,

  • ESPECIALLY WITH THE DISRUPTS, AND PEOPLE ARE UNCERTAIN BECAUSE

  • AND PEOPLE ARE UNCERTAIN BECAUSE CHINA’S NOT CHEAP ANYMORE, LET’S

  • CHINA’S NOT CHEAP ANYMORE, LET’S BE HONEST, RIGHT?

  • BE HONEST, RIGHT? >> YEAH.

  • >> YEAH. THAT’S THE THING THAT PEOPLE

  • THAT’S THE THING THAT PEOPLE DON’T UNDERSTAND, I THINK, IS

  • DON’T UNDERSTAND, I THINK, IS THAT THERE’S A PERSPECTIVE THAT

  • THAT THERE’S A PERSPECTIVE THAT IS THAT THAT CHINA IS -- IT

  • IS THAT THAT CHINA IS -- IT HASN’T BEEN FOR A LONG TIME, THE

  • HASN’T BEEN FOR A LONG TIME, THE AS BOTH OF US KNOW.

  • AS BOTH OF US KNOW. AND SO BUT FOR US, WERE NOT

  • AND SO BUT FOR US, WERE NOT REALLY FIXATED ON COST ONLY.

  • REALLY FIXATED ON COST ONLY. COST IS ONE FACTOR, CLEARLY.

  • COST IS ONE FACTOR, CLEARLY. BUT WERE ALSO FOCUSED -- WERE

  • BUT WERE ALSO FOCUSED -- WERE FIXATED ON QUALITY.

  • FIXATED ON QUALITY. AND WERE FOCUSED ON TIME TO

  • AND WERE FOCUSED ON TIME TO MARKET AND THE SPEED AND THE

  • MARKET AND THE SPEED AND THE DEPTH OF ENGINEERING IN THE

  • DEPTH OF ENGINEERING IN THE DIFFERENT PLACES.

  • DIFFERENT PLACES. AND SO SOMEBODY WOULD HAVE TO

  • AND SO SOMEBODY WOULD HAVE TO MEET ALL OF THOSE IN ORDER FOR

  • MEET ALL OF THOSE IN ORDER FOR US TO DO SOMETHING.

  • US TO DO SOMETHING. >> YEAH.

  • >> YEAH. IN ANNOUNCING ALSO YOUR FIRST

  • IN ANNOUNCING ALSO YOUR FIRST RETAIL STORE IN INDIA BY THE

  • RETAIL STORE IN INDIA BY THE YEAR 2021.

  • YEAR 2021. >> I’M EXCITED ABOUT THAT,

  • >> I’M EXCITED ABOUT THAT, BECAUSE THAT’S THE ENGINE,

  • BECAUSE THAT’S THE ENGINE, THAT’S E A HUGE OPPORTUNITY FOR

  • THAT’S E A HUGE OPPORTUNITY FOR US.

  • US. FOR YEARS WE COULD NOT ENTER

  • FOR YEARS WE COULD NOT ENTER THERE UNLESS WE ENTERED THERE

  • THERE UNLESS WE ENTERED THERE WITH A PARTNER.

  • WITH A PARTNER. INTO RETAIL.

  • INTO RETAIL. AND WE DID NOT WANT TO DO THAT,

  • AND WE DID NOT WANT TO DO THAT, YOU KNOW?

  • YOU KNOW? WE WANT TO MAINTAIN CONTROL OF

  • WE WANT TO MAINTAIN CONTROL OF OUR BRAND AND SO FORTH.

  • OUR BRAND AND SO FORTH. BUT THE ADMINISTRATION WORKED ON

  • BUT THE ADMINISTRATION WORKED ON THIS WITH THE INDIAN GOVERNMENT,

  • THIS WITH THE INDIAN GOVERNMENT, AND THAT CHANGE HAS BEEN MADE.

  • AND THAT CHANGE HAS BEEN MADE. AND SO WERE, WE ARE VERY, VERY

  • AND SO WERE, WE ARE VERY, VERY POSITIVE ABOUT ENTERING ONLINE

  • POSITIVE ABOUT ENTERING ONLINE THIS YEAR AND RETAIL NEXT YEAR.

  • THIS YEAR AND RETAIL NEXT YEAR. >> SPEAKING OF THE

  • >> SPEAKING OF THE ADMINISTRATION, I’M SURE YOU GET

  • ADMINISTRATION, I’M SURE YOU GET ASKED THIS ALL THE TIME, BUT

  • ASKED THIS ALL THE TIME, BUT WHEN PEOPLE SEE TIM COOK ON ONE

  • WHEN PEOPLE SEE TIM COOK ON ONE SIDE, DONALD TRUMP ON THE OTHER,

  • SIDE, DONALD TRUMP ON THE OTHER, THEY SEE A LOT OF DIFFERENCE.

  • THEY SEE A LOT OF DIFFERENCE. BUT YOU HAVE BEEN ABLE TO

  • BUT YOU HAVE BEEN ABLE TO ENGAGING AND WORK TOGETHER --

  • ENGAGING AND WORK TOGETHER -- ENGAGE AND WORK TOGETHER.

  • ENGAGE AND WORK TOGETHER. HOW DOES THE RELATIONSHIP WORK?

  • HOW DOES THE RELATIONSHIP WORK? >> WELL, THERE ARE DIFFERENCES,

  • >> WELL, THERE ARE DIFFERENCES, THERE’S NO DOUBT ABOUT THAT.

  • THERE’S NO DOUBT ABOUT THAT. BUT YOU LOOK FOR INTERSECTIONS,

  • BUT YOU LOOK FOR INTERSECTIONS, AND I CARE A LOT ABOUT CREATING

  • AND I CARE A LOT ABOUT CREATING JOBS, AND I THINK THE PRESIDENT

  • JOBS, AND I THINK THE PRESIDENT DOES AS WELL.

  • DOES AS WELL. I CARE A LOT ABOUT TRAINING THE

  • I CARE A LOT ABOUT<