Abandon Apple Ship? Ken Heebner Dumps Almost Entire Apple Stake

Tyler Durden's picture

Is the game theory defection dump of the world's biggest hedge fund hotel starting? In a just released 13F filing, Ken Heebner's Capital Growth Management has disclosed that he has reduced his holdings in Apple almost to zero. After holding 1.15 million AAPL shares as of June 30 (which made him holder #100 in the name sorted by size), Ken Heebner who is a regular guest on CNBC courtesy of his bullish tendencies, sold virtually his entire stake, leaving him with just 111,000 shares. One can only speculate about the causes, although it is notable that the last time Heebner did a comparable dump was in late 2008, when after the Lehman bankruptcy he liquidated half his million share stake. Is Heebner sensing something comparable to what happened in late 2008 on the horizon? Or was he satisfying margin calls? Or, most innocently, did he just sell what is probably his most profitable position, "just because" - inquiring minds want to know. We will keep an eye out on who else dumped Apple as the barrage of Q3 13F issuance begins today and ends on Monday.

Source: CapIQ

h/t Brian

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patience...'s picture

Okay, so how about an example of innovation from the Android platform.

tmosley's picture

And thus, Taco Bell doesn't need to raise the prices on their chalupas.

It's the circle of life.

Xedus129's picture

I think thats more due to the quality of the meat.  Hence, taco-bell = toxic-hell.  Speaking of meat, a 1lb ny-strip steak is no less than 19.99 at any restaurant I can think of.  I'm gonna be really upset when I can't afford meat.

Aristarchan's picture

Suicide?...hhhh....anyone run the numbers yet to see when China will run out of Chinese, and can date-point a drop in unemployment in the US?

Dr. No's picture

Tinfoil hat:  The late POMO glitch was due to negotiations between what stocks PD would buy.  They had AAPL on the prelim list and Brian held the POMO funds because he felt AAPL was getting too hot.  To release funds, the PD's had to promise to not pump AAPL to infinity and beyond.

Lax Accounting's picture

AAPL is not the world's 2nd largest company. 2nd largest publicly traded sure.

HarryWanger's picture

You are correct. By market cap it's number two. Well, at least it was about 4 hours ago.

Djirk's picture

unless you believe the FED market cap and wealth are not the same. A great company yes, but the 2nd most valuable nope.

goldmiddelfinger's picture

Both APPL and SPX have finally broken rising wedge from August 30.

doomandbloom's picture

'..margin compression..' - Reggie

cougar_w's picture

Move to other buys. AAPL may not have a lot of up left. The holidays could disappoint (or fail to moon-shot, same thing) and AAPL drop 15% in a week.

HarryWanger's picture

If/when AAPL loses 15% in a week, it's goodbye SPX and NAZ.

cougar_w's picture

NAZ for sure. If they spin it as a consumer pull-back, they can probably get away with it. The bigger problem would be institutional investors getting nuked. They are in this up to their eyeballs.

Lotta pain out there, if someone rips that Fed bandage off the wound.

EDIT: aaaaand ... they just announced iPad sales for the miss.

Nice while it lasted.

plocequ1's picture

Its all good. Evil Mickey Mouse stock was up.

Spalding_Smailes's picture

Gold down $40.00 Turd ?

Ragnarok's picture

If I recall Trud expected a pull back ~1380s, keep an eye on the 50dma.

MsCreant's picture

Jessie called for 1376. We are under that now. 1361 as I type.

Could be everything is being sold off to meet some margin calls.


Goldie price down, come to Mama dear!

Red Neck Repugnicant's picture

No.  Actually, he said that gold would likely hit 1450 by end of this week (today) due to the overwhelming amount of POMO going on.  

Then, once it hit about 1450, profit takers were suppose to show up - duh!  Then it would retrace a little, but there was huge support supposedly at 1380-85.  After a little profit taking, it would continue it's march toward 1550 by December 10th.

If I remember correctly, that was his prediction. And that was just 2-3 days ago.

Instead, it didn't come close to 1450, and it sliced through 1380 like a warm knife through butter.

Just the facts....sorry.

There is something he did get right, though.  He said gold would go up, and after it goes up, it will go down as people take profits.  

Tonight I'm predicting that I'll be hungry.  After I eat some food, I predict that I'll be full and stop eating.  Then, once I stop and sleep, I predict I'll be hungry again tomorrow.

I'm not trying to poke fun at Turd (maybe a little), but rather to the endless number of predictions around there that are consistently wrong.  Another well regarded poster said the S&P would touch 1185, and then crash hard.  He/she said it so convincingly, yet no one called it out when it was just utterly wrong. In fact, the exact opposite happened.

So...my point:  It seems to me that one of the main objectives of ZH is to point out the lunacy of the markets and the outright manipulation that occurs on weekly, daily, hourly, and micro-second intervals.  The entire market is bullshit, and Tyler has done a phenomenal job exposing it.  

And while everyone praises Tyler's posts, very few of you are truly listening.  You continue to make predictions based on bullshit charts that have absolutely no relevance within a corrupt system. Why would someone make a prediction that gold would hit 1450 and then pull back, or that the S&P will hit 1185, then crash hard?  Someone else mentions that we should be looking at the 50 dma of this or that.  There are an endless number of other erroneous predictions based on nothing but an attempt to chart a broken system.  And broadly speaking, everyone has made a prediction at some point that the market would have crashed to zero by now. Why is there such a need to make specific predictions if we all agree that the market is utterly broken?

As smart as most of you are, you just don't get it.  

Actually, the one person that does seem to get it is RoboTrader.  He continues to point to charts that display the total lunacy of everything.  And, of course, he's the one person you guys mock the most.  


Red Neck Repugnicant's picture

Damn straight.

I've got more soul than 4 brothers in a drop-top deville cruising Santa Monica on a Saturday night with a trunk full of gin and juice. 

unky's picture

I also expect an answer to that!

Gold down 46$ and Silver 1.70$ ? Why???? Will this trend continue in short term?

SheepDog-One's picture

Most of the POMO went to shorting PM's. Has to be. But what Im really looking at is the bloodbath in bonds, omfg.

Citxmech's picture

I agree.  With the POO going to the critical $90/bbl level, I've been expecting a market dip - and any time that happens, a short-term concurrent short-cover dip in PM's is usual.  What I didn't expect was the rise in bonds - damn!  I looked at the 10yr and the damn thing's up like 8%.


If this trend continues there's going to be some earthquakes in the system...  

Quantum Nucleonics's picture

Every commodity is getting crushed.  The boys in the sugar pits will tell gold folks to stop bitching.  Sugar is down 10+% today.  Imagine the news if gold was down $140 bucks!

Spalding_Smailes's picture

Along the watchtower ...  I got it .


Overnight the Dec10 gold again tested support around 1380 and, again, it held. As of 9:20 EST its rebounded all the way to 1392.50. Silver did the same as it bounced right off of 26.50 once again and has a last of 27.18. As we go along today, all of the overnight fireworks will be nothing but a distant memory provided the Dec10 closes above 1372 and the Dec10 silver closes above 25.90 (recent lows).With $6-8B in POMO hitting the PDs later this morning, I would be absolutely stunned if we happened to fall below those levels. With a little POMO love, we may even put in a "upside reversal day". An upside reversal day would occur if we can close today above yesterday's high of 1417. It would take a lot of work but it's worth pulling for if only because of the damage it would do to the weekend plans of Blythe and her minions.


by Turd Ferguson
on Wed, 11/10/2010 - 14:48


I hear ya and it would be foolish to simply extrapolate the #s. However, you're going to get your ass kicked if you fight the Fed this month. HellyBenny himself said last week that "rising asset prices generate a 'wealth effect' that inspires economic growth". Dow 14000 sounds crazy but 12500-13000 by 12/15 doesn't. Not when $100fuckingB is coming in. $1800 gold is hard to imagine but my oft-stated target of 1500 before 12/10/10 is a near certainty now. 1600 is realistic along with $35 silver.

Its going to be a wild, wild month.

spartan117's picture

And what do YOU invest in, Johnny B?

Spalding_Smailes's picture

Hey when I see calls day after day..... Gold going to $1,600.00 by the new year.....?

I thought it was guaranteed ? Like housing.


spartan117's picture

No one forced you to think that way.  Obviously it was, and still is, a prognostication by an anonymous poster who decided to put his neck on the line by stating his opinion.

You, on the other hand, are nothing but a shit stirrer.  Welcome back Johnny Bravo.

Spalding_Smailes's picture

I'm not a shit stirrer.

So gold can't be a bubble now ...oh o.k. . So who is going to win the superbowl ? Is it going to rain 3 weeks from now in Spain ?

Making calls for gold at 1,600.00 by the end of the year using your rerview is stupid. Who the fuck knows whats going to happen in 2 months ?? Thats my point ....

Why is gold down, crymex ? JP Morgan ? I thought everything was ready to run ?


Gold is a bet just like everything else ....

spartan117's picture

Making calls for gold at 1,600.00 by the end of the year using your rerview is stupid.

Why is it stupid? So you don't know what's going to happen in 2 months.  Does this inability to predict outcomes prevent you from making decisions in life?  Do you just sit on your ass and wait for some type of absolution?  WTF? 


Spalding_Smailes's picture

No but what happens when people get blowtorched going all in on this type of call using futures ect....?

Turd forgot more about gold/trading than me I understand this but its still a bet. Not a sure thing ...

Citxmech's picture

Yeah - but there are better bets, and worse bets.

Of course short-term plays are the riskiest - but the long-term trend is undeniable.  This is why Jim Rogers doesn't day trade.

A real "long-haul" gold bull isn't the slightest bit worried about this retracement.  This is normal PM action - go look at the 10 year chart.

still kicking's picture

It is day 1 of POMO this month, if on November 30th we are still in a position where commodities and securities are getting beat down I would get worried.  It's one damn day......DAMN.

JohnG's picture

" Is it going to rain 3 weeks from now in Spain ?"


Mainly on the plain....

Burnbright's picture

This is the first day of new pomos, if you want to short 100+ billion a month in liquidity no one will stop you. And if you didn't notice the dollar, stocks, commodities, and bonds are all down. WTF?

Mozzer's picture

that's it, i'm headed to the coin shop! 

SheepDog-One's picture

I might stop at the coin shop after I load up more at the gun store, depends on if I have anything left from mass ammo purchases.

Red Neck Repugnicant's picture

You've got the personality of the Unibomber, except without the charisma and intelligence. 

Keith Piccirillo's picture

He needed the money to expand on his F holdings.

Oh regional Indian's picture

What was story about AAPLs, Eves and Sirpants?

Someone made a dubious offer, someone bit on it, AAPL got chewed and since then, we've all been drowning in Cognitive Dissonance.


And Job(s)? Book of? Tablet of?

All very Biblical sounding to me, I'll tell you that.

One rotten AAPL....




I Am The Unknown Comic's picture

A rising POMO tide lifts all boats, until it starts to pour over the bow.....and then......


I Am The Unknown Comic's picture

...courtesy of currency wars....Wow! look at that dollar run!

Run, rabbit run
Dig that hole, forget the sun
And when at last the work is done
Don't sit down
It's time to dig another one

...and a big whopping good luck to to Rabid Bearhankie on that one.......

plocequ1's picture

I have to defend my Apple. They make a mean Laptop. My MBP kicks Elephant Ass

detournement's picture

Aaple doesn't 'make' the MBP, China does. Aapl just gets you to buy it for 50% more than you'd pay for the same components in a case designed by Dell. This is the biggest co ( some days) by market capitalization in America. rotten to the core