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John Authers

Apple's Great at $2 Trillion. Its Stock May Not Be

Excellent companies can make abominable investments if the price is too high.

How many more game-changers like the iPhone can Apple expect?

How many more game-changers like the iPhone can Apple expect?

Photographer: David Paul Morris/Getty Images

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Way back in 1999, cable audiences could thrill to Pirates of Silicon Valley, a made-for-TV movie of the battle between Steve Jobs’s Apple Inc. and Bill Gates’s Microsoft Corp. It ends with Jobs back at Apple and having to swallow his pride by announcing an alliance with Microsoft, the obvious victor.