The Negative Growth of Apple

I want to know why Apple deserves a 50% premium to the market in terms of valuation. What sort of multiples do you put on it on negative organic growth, real growth? I don't think there's a lot of downside to Apple. Amazon has really high barriers to entry. They're in a really good position from a longer-term perspective to gain a significant portion of retail market share for a long period of time. That and Microsoft 25%. More than 50% of every company is owned by index partners.