[czhiddy]

> The only problem with making this argument for Apple specifically is that their stock price seems to figure in revolutionizing an industry every few years.

Not really. http://financials.morningstar.com/valuation/price-ratio.html... - Apple's P/E ratio has never exceeded 20 during the years of peak iPhone growth.

Compare with say, Facebook, which has a ~85 P/E ratio currently. Do investors expect a 300B market cap company to expand at the rate of 2010 Apple?