[npg]

With the new yearly numbers out AAPL shows up with a more sensible MOS. I compensated a bit for the rough patch they were going through earlier on, although still being on the conservative side.

Bearing in mind that the next release of their OS, codename Leopard, is powering the iPhone, it is not too hard anticipating the direction future products are going to take and what awaits the consumer with the now iminent release of the system. Right now, if you buy a mac you get a voucher for a free upgrade to Leopard, valid for 3 months. This means that the launch is iminent. Insiders expect a hardware upgrade to follow with or shortly after the launch. It is well timed because it will be targeted at XP users who are ambiguous about upgrading to Vista (VIruses, Spyware, Trojans, Adware).

Potentially that release will steal the show from Vista. If apple releases a completely new UI with the system it will not be shown in the Beta's. They are famous for their secrecy.

What MOS do I have? It's around the 66$ mark. However, assuming a better annual growth rate than analysts predict (20%) and a historical P/E (35) rather than the current one the MoS lies in the mid 70's.

People are a bit jumpy right now and the reaction to GOOG results are plain hysterical. For god's sake they trippled their earnings! AAPL also released an earnings surprise beating even the most optimistic estimates by 67%. The latest action doesn't make sense and creates a lovely buying opportunity.

The shadow of the .com area still looms above these valuations --which means fear... and thats a welcome opportunity for a value investor.