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Apple certainly does seem cheap. The next few years appear to be quite clear. Beyond that I don't know.

It looks to me like Microsoft has botched the Surface release and I can personally see no reason to want Windows 8 or to buy a new PC until my current laptop (3.5 years old) dies. Apple has a long runway if they can keep innovating and taking share in PCs while continuing to dominate tablets and maintain share in high end smart phones.

My guess is the hedge fund managers are "locking in" what remaining gains they have ahead of year-end due to fiscal cliff worries and Apple is widely owned. Last time I checked hedge funds were having less than a spectacular 2012 and that was before the current decline...
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