My, how things have changed with Apple’s valuation. We compared AAPL today versus 2015 from a Revenue growth and valuation standpoint.

• Apple grew Revenues 33% in the June 2015 quarter (see table below for details). Today, Apple’s topline is shrinking.
• Fed Funds was essentially at zero and the 10 year Treasury yielded half what it does today.
• Today, AAPL shares are valued more than 2x 2015’s valuation (see table below).
• M2 grew 79% from July 2015 through the M2 peak of April 2022 HERE.
• We have so much liquidity in the market today thanks to the Fed and Treasury running the printing press and risking our reserve currency status, that a shrinking company such as AAPL trades at a 29x earnings multiple. Far too expensive.

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