"This should infuriate the informed investor because it means that Apple is quite literally trading on P/E ratios that do not reflect more than half of its

"This should infuriate the informed investor because it means that Apple is quite literally trading on P/E ratios that do not reflect more than half of its business." Yawn. No, it should -excite- informed investors because there's a tremendous opportunity to buy really cheap Apple stock from uninformed investors who don't know Apple's true earnings. Unless, of course, the world economy collapses and demand for expensive consumer goods dries up.