I'm fairly bullish on Apple, but both "smartphones are a saturated market" and "there's tons of market room in China and India" are overly simplistic. China's

I'm fairly bullish on Apple, but both "smartphones are a saturated market" and "there's tons of market room in China and India" are overly simplistic. China's median income is maybe $8,000/year or so. India's median income is $1,600/year. They're big countries, but they aren't that big. Each is about 4x the size of the United States, or about 2x the size of all of Europe. And obviously with those kind of incomes, the addressable market at anything vaguely close to US/European prices is a small fraction of the total population. And China at least is pretty protectionist. At the same time, yes, everyone in the US/Europe already has a smartphone, noted. And yes, perhaps the upgrade market is getting a bit softer -- but still, it's not THAT soft. There are plenty of people in the US or Europe who will happily buy an iPhone every year or two for the next several iPhone generations, and a larger contingent who will buy every three or four years, but that's far from nothing. And Apple can at any time it feels like it wants to cut some margins and fight with Android for market share, in whatever judicious way it wants to. Apple in 2015 was a unique company at the pinnacle of a unique moment in technology. It's may never be the company it was in 2015 again. But it turns out that there's a hell of a lot of value in a company that's not quite what Apple was in 2015.