It happened. I am officially the only person to write for
TheStreet.com while holding a championship in professional wrestling. Last Sunday at
So now if you don't like my articles, I will hit you with a chair.
Speaking of irrational behavior, I just finished reading
Whether he's a nut or not, the man knows how to innovate and make money. Jobs has revolutionized consumer electronics.Even after Wednesday's big move, Apple (AAPL - Get Report) is down more than 20% from its 52-week high of $86. I believe this is a buying opportunity. Apple has a historic multiple between 40 to 50 times. It is now trading at a forward multiple of around 27, based on consensus fiscal 2007 estimates of $2.62. Apple is given this large multiple based on the fact that you can't put a valuation on innovation. The iPod changed the way consumers listen to music; the video iPod will change the way consumers view content. Two sure things are bound to happen: Advertising has to change to survive, and Apple will revolutionize the way content is distributed. Advertising is a speculative bet; Apple is a sure thing. Tech growth stories, which Apple is, have traditionally traded around three to four times enterprise value to sales. Given a conservative view, if Apple maintains double-digit growth, then it is easily a $90 stock. Apple is a dream company. No debt, and over $10 per share in cash. Add to that the fact it is still a growth story and you have a stock that is cheap. To watch JBL's video take of this column,