Actually, I freely admit I did say that. And I don't think that if the same thing happened again I'd be wrong. Steve Jobs has beaten very long odds with Apple t

Actually, I freely admit I did say that. And I don't think that if the same thing happened again I'd be wrong. Steve Jobs has beaten very long odds with Apple to date. I don't think it's a good idea to look at a merger like this and think "Apple pulled it off, so the stock must be a bargain." At that time the iMac lay in the future, the iPod lay in the future, and obviously the iPhone lay in the future. Betting that the merger with NeXT would led to success with products that didn't even exist yet is no better than giving Steve Jobs a couple of hundred million to launch NeXT in the first place. And that wasn't a good bet.