Apple stock (AAPL) is at almost all-time high right now. Call me crazy but I still like it and would recommend it. It had a great run last year because of the somewhat unexpected success of the iPod mini. You don’t buy a stock based on what is already known and factored in. In this case, what I think that hasn’t been factored in are Apple’s strengh in broader computer product designs.
Apple has a 2% market share in personal computer. I think people should forget about the concept of personal computers and think about instead devices with computer in it (for example, your cell phone is actually a computer). What happened to electric motors in the turn of last century will happen to computers next. Instead of having one computer to do everything mediocrely, specialized smart devices (appliances and consumer electronics) will take over.
If you look at the synergy and buzz generated from vendors providing accessories to iPod, you can understand how to become a leader in the new $100 billion marker of consumer appliances. Look around your house and think about what Apple can do to your other appliance what it did to the CD player with iPod. For that, Microsoft, Sony, Philips, RCA and etc all have a long way to go.