One thing I do remember about this period is that Apple's stock actually got fairly cheap compared to its earnings. Its PE got to like 12, which is fairly amazi

One thing I do remember about this period is that Apple's stock actually got fairly cheap compared to its earnings. Its PE got to like 12, which is fairly amazing for a tech company with the kind of barriers to competition Apple has. Investors really thought the iPhone might get undermined by Android phones in the way PCs undermined the Macintosh. You can say this article has a lot of opinion and speculation, but I think the history of stock price shows that it is a retelling of conventional wisdom at the time and today.