Four Apple bear markets, annotated

In the past 15 years, Apple has lived through four drawdowns of 40% or more.

A killer chart from friend-of-the-blog Daniel (“Deagol”) Tello:

Click to enlarge.

My take: Sure puts this year’s drawdown in perspective. Tello’s No. 2 (“Toni Sacc iPhones”) made me smile.

Like Tello, I remember well the day in 2008 that Bernstein analyst Toni Sacconaghi—even then something of an Apple bear—declared 1.4 million iPhones “missing in action,” setting off one of AAPL’s great bungee jumps. See The case of the 1.4 million missing iPhones.

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