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Five Great Quality Companies: Are They Too Expensive?

Your analysis of Apple is extremely flawed on a number of levels. I'll pick just one relative to PE; Apple only reports 1/8 of their income for the iPhone in any given quarter, which makes your analysis of 2008 earnings flawed.

That aside, I suspect most that are invested in Apple are looking at the stock on a forward looking basis and recognizing the very low market share they have in regard to Mac and smartpones, thus seeing the gross opportunity that represents.