Apple stock hit a new high of $477 today: that's up 50% from its recent low last June, up 510% from its low in January 2009, and up 14,800% from its all-time low in July 1997. Apple is now the most expensive company in the world, having eclipsed Exxon by $40 billion, and it is worth $190 billion more than Microsoft, which was once valued at $586 billion in early 2000. Wow. People worry that Apple is really expensive, but Apple is still 25% short of where Microsoft was 12 years ago.
And to think that this company with its absolutely stellar, world-busting growth, has a trailing PE ex-cash of only 11.3, and a forward-looking PE ex-cash of only 9.4! It just boggles the mind. If anything demonstrates how cheap this market is, Apple does. Investors today are getting paid very handsomely to assume the risk of a calamity. Anything short of a calamity, and prices could continue to rise.
Full disclosure: at the time of this writing I am long AAPL.