2008, Apple was trading at $12 (split-adjusted) and nearly every careful observer of the company knew that was stupidly low based on the trajectory of the iPhone.
Relying on the stock price as a valid indicator of the value of a company is a fool's errand, regardless of the "sophisticated people" trading it.
Relying on the stock price as a valid indicator of the value of a company is a fool's errand, regardless of the "sophisticated people" trading it.