NEW YORK ( TheStreet) -- I've got to admit that Apple (AAPL - Get Report) is starting to look somewhat interesting to this deep value investor. I'm not sure we are quite there yet, but it appears as though the growth crowd may be throwing in the towel. Many loved the stock at $700, at $600, and again at $500, but not so much at $400 and below.That's one of the fascinating aspects of the markets and investor psychology; they'll love you until they don't, warranted or not. Is the April 2013 $400 Apple materially different than the September 2012 $700 Apple? Has the story really changed that much? Or is it the classic oscillation between greed and fear; where investors push stocks higher than is deserved on the upside, then push them lower on the downside?
You won't find many balance sheets that are better. Apple ended 2012 with $39.8 billion or $42 per share in cash and short-term investments, and an additional $97.3 billion, or $103 per share in long-term investments. That's a total of $145 per share in cash and investments, and there's no debt on the books. AAPL Cash and ST Investments data by YCharts