October 2, 2013 – Quote of the Day

“Apple is the biggest no brainer in the history of the earth. It just makes no sense for it to trade where it is; seven times enterprise value to free cash flow, 14% free cash flow yield to enterprise value, and 10% simple free cash flow yield. If Apple were a junk bond it would trade 40% higher,” said Bill Miller, the legendary fund manager at Legg Mason

apple logo