According to my math, aapl at 105 is 20x 2009 earnings and 17x 2010 earnings, for a company that has grown EPS at 32% from '08 to '09. This type of multiple on growth seems very reasonable to me. That said, growth stocks are getting creamed in this market and AAPL could definitly fall further. I think I should have sold a put instead of buying the equity, but oh well...