-- Business is valued really cheap at 15% FCF yield, which says Apple is dead. To Dorsey, Apple may be slowing but it isn't dead.
-- Smartphones are 30% of the mobile device market worldwide and about 60% in US. Apple has tremendous customer loyalty.
-- Couple that with the switching cost of lock into the ecosystem as the cost of moving from iOS ecosystem to Android system is very high.
-- Apple is not going the way of Motoroloa (MSI) and Nokia (NOK).
-- Apple has never been expensive, have always traded around 9% cash yield and it is trading at 15% cash yield now.
-- Dorsey stuck with his call on ignoring what Washington is doing as corporate America has done a good job of increasing earnings and they will continue to do so, which is more important from an investor's standpoint rather than what will happen with the fiscal cliff or debt ceiling.
Credit and Source: www.bloomberg.com, Bloomberg
Here is the video: