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“Apple’s earnings growth may be less heady than previously, but its balance sheet remains rock-solid,” he explained. “It still has some $137 billion of cash and marketable securities and generates significant free cash flow. In other words, it is totally liquid and its operations are completely unaffected by the fall in the stock price.”
In addition, while the Apple stock’s paper losses are staggering, the equity value is only back to where it was a year ago. “Apple acolytes may be experiencing some existential angst, but in the real world, you can’t find a parking space at the local Apple store,” he said.
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