[jyl]

Sorry, I ended my prior post prematurely.

What I meant to conclude with is:

But the attention to "what is Apple's new exciting thing" distracts from what is really unique about Apple, which is the breadth and integration. There is no other company that has leading or at minimum co-leading positions in every kind of personal information device (keyboard computer, tablet computer, smartphone, wearable, home media) and ties all of these together with a single operating system (soon), a single family of computing architecture (soon), and a single set of services (cloud, media, communication, financial, navigation, etc) and core applications (web, mail, messaging, etc) that work across all these devices. No one else has even a fraction of this. You'd have to put together Microsoft, Intel, Dell, Samsung (ex the fabs), and a dozen smaller companies to come close. Pretty soon, Apple won't need a shiny new hit device to grow. It will still need a hit for the stock to reach its highest multiple.