Is most of their value on paper or in investments, assets, etc? Their value is because their stock is way overvalued. You know it, I know it, anyone watching them know it. They are a solid company, but their stock price is halfway priced on the coolness factor too. And like nokia, it won't last. A samsung will come along and take their share too. Apple tv *might* be their last big thing. The might is because, it could just as easily fail. After that, the cool stuff will be coming from google (hud glasses) and microsoft (fold-able computers/smart phones). It will be really tough for apple to retain the coolness factor when they are patented out of the market. No way would I buy apple stock today at this price. And those that are, are playing a crazy game of russian roulette. Do you really look at their valuation being twice that of exxon (or anyone else for that matter) and not scratch your head?