“While Apple’s market cap is mind-blowing at nearly a half a billion dollars, they have ample earnings to support it,” Greg Satell writes for Forbes. “What’s more, with average forward P/E ratios for the S&P 500 running somewhere between 14 and 15 (depending on who’s estimating it), the stock looks positively like a steal.”

“With a commanding presence in the fast growing smartphone and tablet categories, why would you pay 50% more for the earnings of an average company than you would for Apple (or some of the other companies on the list for that matter)?” Satell writes. “Moreover, a lot of people (like me, for instance) would find it hard to break away from the Apple ecosystem, which gives them somewhat of a protected consumer base.”

Satell writes, “Apple remains a great company, but the future is always uncertain… They have great challenges ahead and great assets with which to meet them.”

Read more in the full article here.