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From a purely hard asset point of view, exactly what assets does Apple have? They certainly have a tremendous cash hoard but what else. Do they own any of their own manufacturing facilities or anything else for that matter?

They own quite a bit of Intellectual Property. . . a good number of stores that are not leased, Several HUGE server farms, their headquarter campus, The manufacturing machinery that is leased to the contract assemblers, and someone who knows brands, just valued the BRAND at $120 BiLLION. That hoard of cash is over $180 billion, about now (although it may have been reduced by the dividend that paid last week) and they own quite a few other companies outright.

As to your claim that Apple's stock is "over valued", most analysts are claiming it is way undervalued. You do what you want. . . but you really don't have a clue.