Today's Above Avalon stories:

The Perils of Being a Hardware Company
Preview of Apple Sales on Black Friday
Thursday Q&A

We begin today's email with a closer look at Wall Street's skepticism about tech hardware companies. We go over Fitbit, GoPro, and Apple in terms of how each company is navigating the difficult path of relying on hardware-centric business models. The email then shifts to my thoughts and observations on this year's Black Friday sales on Apple products. While Apple won't likely directly participate in Black Friday sales, some of the major U.S. retailers released their promotions yesterday. There are a few takeaways related to Apple Watch and iPad. We end the email with the latest installment of member Q&A, and I answer the following questions from Above Avalon members:

Is it normal for Apple executives to hold few shares of AAPL?
Would Apple realistically want to bring all of its foreign cash back to the U.S.?

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