But our largest technology position is Apple (NASDAQ:AAPL). Many investors appear to treat Apple as just a consumer electronics company. In contrast, we see Apple as a more valuable integrated hardware, software and services company, which is both a growth company and a value stock. It sells for just 12 times expected earnings (updated for slowing China demand)—11 times if you value its cash separately. That means investors are, incorrectly in our opinion, pricing Apple as a below-average business.
From Bill Nygren (Trades, Portfolio)'s Oakmark Fund fourth-quarter 2018 market commentary.
