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Today there are again rumors circulating about Steve Job's health.  Let's hope they are false.  In any case, the stock is off today, and even if it drops further, the stock remains a "screaming buy".  Some are saying that Steve Job's health is no longer a factor in the longer term pricing of the stock:

I think that this is probably the case.  Even if there is a major sell off this is probably a buying opportunity and the valuation twill soon be back 

Apple is much more than a business cycle play. It is an innovative disruption to normal tech stock plays and goes way beyond technology in its business strategies.

Apple is not a computer company or a mobile web company. They are much bigger than that. They are involved in a number of key high growth business areas and it can be said that they are much more diversified than Intel, Cisco or Microsoft ever have been or can hope to be based on track record. 

Apple is the supplier of by far the most sticky mobile web and computing ecosystem in the world –no one else is even close. It is IBM like in the mainframe days. As part of this they are in the business of providing applications for this universe and have large and diversified low cost external resources that are making this available. Apple can maintain control over their products so that they can guarantee a positive user experience while gleaning pure earnings off the top. 

Related to this they are in the mobile web advertising business which is growing just like Google's. Soon they may be in the debt and credit card as well as relationship card business. This will not only bring in additional earnings with minimal overhead but will give them the opportunity to tailor advertising specifically to the patterns of the individual involved. 

Increasing cloud computing services will be provided for this ecosystem and to provide increasing levels of fee for service data bases, fee for service analysis software, and computing services in general. This would be for consumers and businesses as well. 

Right now these Apple’s businesses are designed for consumers but as Apple is sucked more and more in the business world these products will expand into full blown enterprise businesses. The enterprise momentum is being increased by adoption of the iPhone and iPAD as well as increasing Mac penetration 

One step at a time -- they are going about as fast as they can and are wise not to try to penetrate enterprise as a priority. They have enough on their plate with their consumer oriented businesses. 

Continuing, they are a provider and retailer of media of all kinds including an expansion into magazine, newspaper and video (look out NETFLIX). Apple has a track record of knowing how to make hay in the media world. 

And last but not least, they are of course a provider of computer systems and software including Tablets, laptops and desktops as well as video and photo editing products. They may never provide servers and server operating systems but that does not matter. There will be plenty of pick and shovel guys to do this for them (Oracle, MSFT, HPQ and of course Cisco). Let them "eat cake."

And then there is the home entertainment system possibility, One box does all with iPAD like controls allowing one to recycle all of the individual component remotes and extra wiring. I look forward to that day.

Disclosure: I am long AAPL, GOOG, HPQ, MSFT.