Subject: Re: AAPL PE when WEB was buying
And at 19, there is no particular reason to plan on further multiple compression as a headwind. They could stay in the high teens forever, in effect, given what I perceive as the high quality resilience (others may disagree).

They're primarily an advertising company. And with a recession coming, advertising will slow. Furthermore, I just saw a stat that AI "search" has just passed google search. Now Google has an AI too, but so do so many others. So that can't be good for google. That's a tailwind to me.