> I ask because, this fact alone, seems to suggest to me that they're very much undervalued right now. But I'm not sure if I'm missing something. But you're fo

> I ask because, this fact alone, seems to suggest to me that they're very much undervalued right now. But I'm not sure if I'm missing something. But you're forgetting one other possibility and that is there income starts to trend downwards due to falling sales and falling market share. Under that scenario they would eventually start to loose money and start burning into their cash pile. Emotions play a big factor in the movements of share price and at the moment there is a fear Apple will continue to lose market share to players like Samsung and Google. Will that happen? Only time will tell. But don't think it can't happen. You need to look no further than companies like Research in Motion, Sony or Nokia to find companies that had massive market share only to see it eaten away by competition.