Apple Inc. (AAPL) Bear Noster Capital Down 13% In 2014

Apple Inc. (NASDAQ:AAPL) stock has been on a tear for the last month, not just recovering from the same correction that hit the rest of the market but making up for three months of weak price performance. As far as tech companies go, Apple wasn’t particularly expensive to begin with (it still has a trailing PE of just under 17x), but the rally reminded us of a value investor who garnered a lot of publicity this summer for warning investors that tech companies like Apple can become obsolete surprisingly quickly. Apple’s ‘Make-believe’ valuations Back in July, Noster Capital managing partner…