Ted Cranmore, Waterloo ON

How Apple Stock Should Be Valued: P/FCF

Great article and right on the head. And "the Graduate" you've just asked the question that I've been wondering -- what other companies use the subscription method of accounting? Apple cannot be unique here, and if they are, why?

The other key point that continues to bother me is the "perception vs reality" idea that Andy makes so well. If conventional evaluation method don't work for Apple, why should we expect it's price to reflect it's true valuation? It will always been dragged down by the traditional method and there will always be many (I assume decreasing over time) that can't properly evaluate Apple. So it seems Apple investors' challenge is not understanding profitablity, but guessing when a critical mass of others figure it out. Ah...there's an easy task.