Everyone who talks about AAPL here seems to be long. Is there anyone on the other side? What are the arguments?
The long argument seems clear: rapid growth, high profit margins, and plenty of room to grow indicate the P/E should be higher.
For recent history, the stock price has looked like Moore's Law. Was there a risk being eliminated over that period? Or was their success "continually surprising"?
(Are our models -- mental and computational finance -- incapable of handling Apple's level of growth?)
Would love to hear the dissenting take on this. It's hard to even find online.
This however, is the same as any company's stock history. My argument is that the future of AAPL isn't in mobile devices (exactly) but in producing parts for it. It may be comparable to Intel sometime soon.