Good job, Felix! He gets it and provides a really cool graphic to prove it.
…This is the way sensible markets work. You start with high [PE] ratios with a low valuation and you move up to low ratios with a high valuation…. although Apple today has the same valuation as Microsoft did back in 2000, Microsoft in 2000 was an unsustainable bubble…..Apple today looks much more solidly valued.
(click here if video is not observable)