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strategy Profile| Send Message| (6,590)    Most of us, including
myself, suppose that Apple (AAPL) will be around in three years.
But the more relevant question to ask is how much should an
investor be willing to pay for shares of the company three years
from now? Or, in other words, what is the value that investors
should assign to the free cash flow that Apple can generate for
common shareholders after 2016?  This question is of fundamental
importance, because only a very small fraction of Apple's
current market value - about $26.00 per share - can be justified
by discounting the cash flows that the company is currently
scheduled to distribute to shareholders in the next three years
via dividend payments, through the end of 2015. Therefore, to be
able to justify Apple's current stock price of roughly $450 per
share, we need to have clear vision of how successful AAPL's
business is going to be in the future and how the company is
going to be able t