“I wouldn’t bet against Apple,” Patricof said.
Apple is a stock “you want to own for a long time,” he said, adding in the Fox Business interview that he wished he had never sold any of his shares in the company. Patricof said the $300,000 his firm invested in Apple 40 years ago would be worth about $3.5 billion today.
But Apple’s stock price may already reflect all this optimism. Even though Apple warned about slowing demand in China in January, shares are still up more than 25% this year and the company is worth nearly $925 billion.
That’s one of the reasons why Jun Zhang, an analyst at Rosenblatt Securities, downgraded Apple shares to a “sell” on Monday. Zhang will also be talking to Quest on “Markets Now” about his thoughts on Apple and other tech stocks.
Greycroft also has stakes in startups including contact lens seller Hubble, beverage company Dirty Lemon and women’s-razor maker Billie.