This is a tutorial on how to use Price multiples. Portfolio managers will use basic valuation heuristics like price to sales or price to earnings to help time their blue-chip stock purchases/sales. So you will often find support/resistance in the historical price-multiple chart.
Apple looks very overvalued here from this recent run up to a 1.16T market cap. What strikes me the most is the 20+ Price/Earnings. The market is baking in a lot of EPS growth via share buybacks, 5-G, iPhone 11, and services business... but with so much premium built-in, any underlying risk in the assumed growth trajectory could trigger a sell off.
Apple looks very overvalued here from this recent run up to a 1.16T market cap. What strikes me the most is the 20+ Price/Earnings. The market is baking in a lot of EPS growth via share buybacks, 5-G, iPhone 11, and services business... but with so much premium built-in, any underlying risk in the assumed growth trajectory could trigger a sell off.
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