"Apple's (AAPL) sorta cheap," says Jeff Gundlach, admitting he's now long the stock he famously...

|About: Apple Inc. (AAPL)|By:, SA News Editor

"Apple's (AAPL) sorta cheap," says Jeff Gundlach, admitting he's now long the stock he famously shorted 100-200 points ago. He doesn't seem terribly excited about the company's business prospects, but - selling for 7x earnings (excluding cash) - a hot new product isn't necessary to make the investment profitable. "(Apple) can keep selling a whole bunch of expensive new phones and iPads, and they'll be a cash cow."