That wasn't all he was saying. He also implied that buying AAPL at its high would have been a good investment for those with the foresight to keep investing as it fell. I pointed out that, while possible to market-time in that manner, you could do the same with other falling stocks or just invest in the broader market and not continue to leverage. He then claimed that AAPL was a lower-risk investment, which not true by most objective measures. In summary, his circular reasoning (Apple was a lower risk stock because it rebounded and I knew it would rebound) is not sound.