Two points: One, it's pretty absurd to say that the IPhone is the "best" smartphone on the market. It did a lot well as far as marketing and design, but the re

Two points: One, it's pretty absurd to say that the IPhone is the "best" smartphone on the market. It did a lot well as far as marketing and design, but the rest of the market has caught up and now surpassed Apple. Two, it's well documented that Apple can't even execute on their strengths anymore. They've made a series of poor design choices, and they've been largely unable to create new markets with items like the Apple Watch. Bubble or not, the economy as a whole is certainly up. There is plenty of room for it to go crashing down, and with it things like emerging markets and discretionary income to be spent on iphones. Despite the surprisingly reasonable P/E, I'm bearish on Apple on a timeframe of more than a year or two.