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When you have a market that doesn't measure a companies performance over years, but rather breaks it down into 3 month increments, you often have irrational behavior by investors. There is nothing fundamentally different about Apple now than there was 6 months ago; they have huge cash reserves and post fantastic margins. The price to earning ratio of Apple is currently below 10, which is pretty much absurd. Frankly, there are a lot of lemmings in the stock market, and they follow whatever the talking heads "wise men" tell them. Remember Larry Kudlow's advice to buy Lehman stock, days before the company imploded? Oopsie.
But.....even though I think most of the hand wringing is short-sighted, Apple hasn't had a segment defining product since the iPad. Of course it's pretty hard to hit a home run every time you go to bat, but Apple has hit a lot of home runs over the past decade or so. For the past year or two, though, they've been hitting doubles. Good, but not as good. The iPhone no longer clearly sets the standard for smartphones, and there are competitive tablet alternatives to the iPad, generally at lower cost. At some point, Apple will need to do something beyond refining existing products and making them thinner and faster.