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The problem, investors, lies not in Apple but in ourselves.

Apple’s disappointing earnings report and its subsequent 10%-plus stock market fall on Thursday are a timely reminder that there are a lot of idiots out there.

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[np_storybar title=”Is Apple broken or just bent?” link=”http://business.financialpost.com/2013/01/24/is-apple-broken-or-just-bent/”]Apple Inc.’s disappointing, yet nonetheless impressive results and guidance, have investors wondering if the technology giant’s best days of growth are behind it.

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The issue – and your source of risk as an investor – isn’t just Apple, but rather the panting hoard of trend following investors who drove its stock price so far above a reasonable valuation.

Apple is a great company making great products, and has an outstanding record of creating new markets. It enjoys margins closer to those of a software company than a consumer giant, has more than US$130-billion in cash and a historically unique franchise, one it has been able to expand time and again.