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I'm not sure I would characterize the Mac growth as "modest" for the past several years they gave been growing several times faster than the industry average.

Indeed, “modest” is very much an understatement to describe Mac sales :)

Everything is relative, and in the greater market context, Macs are strong. But among Apple’s products, the iPhone brings revenue equal to Macs, and arguably greater potential greater, with the iPad not far behind — likely catching up to Macs by 2012. [1]

[1] http://aaplmodel.blogspot.com/2010/09/ipad-to-exceed-mac-rev...

Several times faster during a major recession. Go chew on that for a minute.

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