-- Apple is clearly, at the a moment, a huge profit-generating machine and is not overvalued.
-- The problem is that this profit machine is not going to last.
-- We don't know when it is going to happen, but whenever it happens it is going to happen very fast.
-- Look at what has happened to Nokia and Sony.
-- Discount the multiple to take into account the risk of obsolesense and Apple will not look that attractive.
Credit and Source: Motley Fool, Youtube
Here is the video of Greenwald on Apple:
Here is his video of Greenwald on Amazon: