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.