I consciously try not to pump the stocks that I own, letting their merits and why I bought them speak for themselves, but the image to the left tells an unbelievable story. It is a picture of the London mob scene from today's iPhone launch in the U.K. The Apple story is about new ideas and revenue that isn't in last year's trailing PE. Their forward 2008 PE is only 30 for a company that has spent the last year growing by 30%. Folks are not willing yet to pay the traditional 2x growth rate because the law of large numbers suggest that this 30% growth isn't sustainable. We shall see. I think that it is certainly worth more than 30 times 2008 earnings.
AAPL is about a brand and a buzz that will have a number of good years ahead. It is about technology that will change the industry and about a company that is creating "must have" gadgets.
It is a stock on sale today.
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