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Even if you are entirely correct, you've only addressed 1/4th of Greenspun's argument. Can Apple also:

a) Transition effectively to emerging markets

b) Find more industries willing to give them a 30% cut

c) Provide a compelling return to investors, despite stock option dilution, and an inevitably slowing growth rate

Disclosure: Short, hedging for USD inflation.

a) Apple is rumoured to be working on a low-cost iPhone for developing markets. Greenspun provides absolutely no evidence to support his claim that Apple cannot, except to say that emerging markets are becoming more important. If we use China as an example, desire for Apple products is absolutely booming there (see the profusion of fake Apple stores that Chinese consumers flock to.) I'd adopt a wait-and-see approach here, but Greenspun has said absolutely nothing.

b) Do you think their core profit centre is the iTunes Store? Because it's not. They make their money on iPhones, iPads, iPods, and Macs. This point is really dumb because even if it were true it has absolutely no bearing on the company's bottom line.

c) ...

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