“My reason for investing in AAPL is simple and most likely too simplistic (or dumb) for most. I do not want to write about AAPL’s future and what their product pipeline is like. I want to reiterate that I did not buy AAPL for their product pipeline,” Jae Jun writes for Seeking Alpha. “Instead, AAPL at the moment is a classic case of ‘heads I win, tails I don’t lose much.’”

“Seth Klarman also referred to this as downside protection investing,” Jun writes. “All you have to do is protect the downside and the upside will take care of itself.”

“AAPL is cheap and there is no need to complicate it. Fundamentally, it is extremely cheap by being priced for zero growth,” Jun writes. “Zero growth expectations with a bullet proof balance sheet protects the downside and AAPL will have to experience some severe negative growth for it to be a value trap.”

Muchd more in the full article here.