Apple Inc.

“Apple is a world-class compounding machine — best-in-class moat, exceptional returns on capital, and a Services flywheel still expanding margins — but at 34x earnings and a 2.9% FCF yield, the current $4.1T valuation prices in near-perfect execution and leaves virtually no margin of safety; the 10-year base-case return of 2–2.5x is market-average at best, making this a business to own at a better price rather than at today's levels.”