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Apple Trades ‘Like a Steel Mill On Its Way Out of Business’

My headline is borrowed from venture capitalist Marc Andreessen, who tweeted the phrase before the latest round of earnings reports, accompanied by a chart labeled “Reality Distorted.”

I’ve adapted and updated his chart to reflect post-earnings PE ratios and added a second factor: Leveraged free cash flow.

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There’s nothing necessarily wrong with Amazon , Facebook , or Alphabet . They are well-run companies with room to grow.

Apple is also a well-run company with room to grow. The difference is that Apple has stopped growing, at least for now. Meanwhile, it has a track record of hit products, owns the most valuable segment of every market it’s entered, and is making money faster than it can spend it.

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That’s got to be worth something.

For more on Apple, watch:

See also: Apple’s Bizarre Valuation: Something’s Got to Give

See original article on Fortune.com

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