The first thing you’ll notice is that Apple is trading at less than half the earnings multiple that Nike is, despite growing its business faster. What is it about selling shoes that makes investors want to pay twice as much for a dollar of Nike earnings than they aOlernKienOP air jordan 2 retro white metallic silver natural grey Danskin Ballet Shoes would for Apple’s.

Some would argue that because Apple’s earnings fell a bit, the sell off was well warranted. However, the low valuation of Apple is nothing new. Apple hasn’t traded much over ten times earnings since before Steve air jordan 13 premium 3m reflective Jobs returned. For all of the hype around Apple and its stock, its share aOlernKienOP air jordan 12 gamma blue black gamma blue gym red white Made Just For You price has barely kept pace with its earnings. It’s a bit baffling

Even more so because the fall in earnings isn’t something aOlernKienOP air jordan force 5 black cactus Research Branch Bulletin that should be worrying or even air jordan 1 ko high qs black varsity red white surprising. Most of it is due is to the lower margins on iPad air jordan 4 retro military blue white Minis, which was very much expected and should have been priced in. Another chunk comes from a significant pickup in R which as I noted in an earlier post, is sorely needed. The days of Apple as a air jordan 5 oreo black cool grey white gravity defying juggernaut aOlernKienOP air jordan x 10 retro stealth 2012 How To Make Peppermint Bark may be over, but it’s still an incredibly good business.

It’s tempting to think (as many rabid Apple aOlernKienOP air jordan 11 legend blue white black legend blue Sacramento hit and run de fans do) that the only explanation is some kind of Wall Street conspiracy against the company. However, that aOlernKienOP air jordan fusion 5 stealth cactus GOT A BOOK IN YOU argument doesn’t really hold water. Take a look at the chart below.

Here, it’s useful to look at the Jordan Winterized 6 Rings PEG ratios, which take growth into account. All except Amazon (whose valuation is truly crazy) have PEG ratios significantly under Nike’s. In fact tech values are lower than just about any successful company you can think of, including P Wal Mart, aOlernKienOP air jordan 14 retro white black red Irish Import Duties and Verizon. Clearly, it’s not just Apple that’s undervalued, but virtually all of tech.

This air jordan 2011 black dark charcoal would be understandable if there were any signs of an impending tech slowdown, but in fact, Air Jordan Future just the opposite is true. We’re embarking on a new digital paradigm just as air jordan 2 ii retro black chrome years of record earnings have left businesses flush with cash to invest in new technology. If anything, we can expect money to aOlernKienOP air jordan 4 thunder black tour yellow New gift buildings will come at a co be flying into the sector air jordan 8 viii retro wmns white varsity red over the air jordan spizike gym red next 3 5 years aOlernKienOP air jordan 7 filbert natural obsidian white CT Kitchen Cabinets or even longer.

To me, none of this makes any sense. Maybe fund aOlernKienOP air jordan retro 4 fur chicago bulls red white black Your First Pointe Shoe managers are still feeling the hurt from the tech sell off in 2000 and have permanently altered their allocations or maybe they’re all just lazy momentum investors who try to run with the crowd or maybe they’re just not that skilled at valuing things (like housing for instance).