AAPL had an IPO for $3.83 in Jan '84
It dipped to $1.81 after a 50% decline that same year
In 1986 it was at its lowest point at $2.80 at the beginning of Q1 that year, where it started getting traction and going up over time
I would post the charts, but I'm not on my computer that has my trading software so this guy does a pretty good job of charting and explaining it
http://stockchartist.blogspot.com/20...ting-aapl.html
Either way, if your friend bought the stock at that time, and kept if for 10-15 years before selling, he is not poor. AAPL is a great stock to make money off of if your timing is right. I played it starting at $50 all the way up to $200 then on the way down when they had their correction that took them back to the mid hundreds and then back up. A lot of money to be made off the directions the stock goes both ways.