Investors do not appreciate the superior financial dynamics at Apple and do not accord it the valuation it deserves - because, in our minds ­­-- Apple is still viewed by many as a reformed alcoholic - just one step away from returning to the gutter. We have a different view and think there is a great team.

The impact on Apple is not clear yet. But the French are late; Microsoft and Apple are already dominating the market.

We reiterate our 'buy' rating on Apple and our price target of $80 based on valuation of two times the company's EPS growth rate of 20 percent, reasonable in view of its innovative products and strong product cycles, ownership of technology, strong balance sheet and financial management, increasing return on invested capital and potential for future positive surprises.

It's all more fodder for financial investors.

It's not frustrating. He deserves it.

I don't think this is a total shock, given what their competitors have done.