Apple stock has tanked 35% from its all-time high, and now sits at $450. If things go badly for Apple over the next several years, the stock could fall a lot farther from here. But if things go even moderately well, the stock should deliver a compelling return. Why? Because, at $450, the stock looks cheap. At $450, Apple stock is trading at 10X trailing earnings per share. For a company that is still expected to grow, albeit at a much reduced rate, that's an attractive valuation. Importantly, Apple also has $135 billion of cash and no debt. Much of this cash is available to be returned to ... Read More