Apple has come down from $363 in February to $316 Monday. Furthermore, that
masks the fact that the company is sitting on a ton of net cash. At the end of the
last quarter, cash, securities and other liquid assets exceeded liabilities by $51
billion, or around $55 a share. This may top $60 by the end of this quarter. So
the cash-free stock price — the enterprise value of the business, may only be
around $260. That's barely 10 times forecast earnings of
$25 for the fiscal year
ending in September. It's just nine times next year's forecast earnings. And it's
only around 2.3 times this year's sales.

Is this pathos ethos or logos? And how do you know?