Yes its an Investment. Apple is not growing sales 60% anymore, only 20 - 25%, or only 2 - 3X s fast as most successful companies. But oddly its selling at a lower PE Ratio than even Microsoft right now, and MSFT is growing alot slower. This I believe is temporary, as Apple will by end of January 2013 have recorded another $12 billion of positive cash-flow, and soon be back above $600 per share. Apple's Intrinsic Value with $130 Billion cash, no debt and profits of over $45 billion/yr. is alot more than a 12 PE Ratio. Right now things are depressed based on a panic and stock price drop technicals. That will pass.