“For my investing purposes, going long Apple Inc. is not a question of revenue growth, iPhone models, or units shipped, rather it’s a question of margin of safety,” Nathan Hamilton writes for Seeking Alpha.

“We all know the company will grow, but how much reward can I get for the potential risk? Well, the answer to that question is the reward far outweighs the potential downside risk,” Hamilton writes. “Apple is the rare case where it has a wide moat and limited downside in the next years. I am taking a very conservative approach when determining the downside potential, thus factoring in outlier scenarios.”

Hamilton writes, “Look around and I’ll challenge you to find a company that has a similarly wide moat, even after three years of tremendous compounded growth.”

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