Apple is a juggernaut. Its stock touched $600 on Thursday, which represents $560 billion in market capitalization. Compare this to Exxon Mobil, with a market cap of $400 billion, IBM’s $240 billion and Wal-Mart’s $210 billion. Can Apple really be worth that much?
The easy answer is that the company is worth whatever the market says it’s worth. Well, yes, the market is right every day — but it is right only for that day. What about tomorrow?
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