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The point is that they are relying solely on innovations, vs. diversifying to make more profits.
Stock price doesn't have to do with "innovation", it has to do with the profits that "innovation" brings to Apple. They have a gazillion dollars in cash, they have Fanboys, they'll do just fine for a long time, I have no doubt.
But it comes down to whether you want to bet on them coming up with something new, whenever that be. Can they do it again is the question.
I don't know the answer to that. I know that I have been disappointed in the 5 and 5s. My 4S seems pretty damn close.
I don't buy a "that's what Apple does..." thinking, though. Management changes, people move on, others are hired. Companies go up and down and it takes years for any changes to really settle in.
You can make an argument either way (I can see it both ways). I just feel like it is more and more a gamble based on your methodology - that Apple will just be Apple (the Apple of "innovation", not the one before that).
If you "believe" in that, then buy the stock, it is cheap.
For me, I am not convinced, but always looking.