The bullish case for Apple

This post by Brett Arends on MarketWatch makes the best case for Apple bulls that I have seen. Arends writes:

If you haven’t been living in a cave for the past week, you’ll know Apple’s stock price recently collapsed to $445, from a peak of $700 last year. Wall Street suddenly discovered that Apple faces competition from companies such as Samsung. And Apple didn’t give a confident outlook for the year ahead.
But this is still a fantastically successful company, and the stock is dirt cheap by almost any measure.
[…]
Let’s start with the basic numbers. Apple’s latest quarterly earnings show the company has $169 billion in cash and liquid assets, and just $69 billion in total liabilities. So the company is basically sitting on $100 billion in cash or equivalents — about $105 per share. ...


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