Apple: The 2.5 Billion Device Machine

Core Insights - Apple's stock has decreased by approximately 5% since the last coverage in December, indicating a market movement that appears more as noise rather than a significant narrative change [1] - The company's strength continues to lie in its large installed base of devices, which remains a critical asset for future growth [1] Investment Strategy - The investment approach focuses on identifying high-potential winners before they experience significant growth, emphasizing asymmetric opportunities where the upside potential is at least 3-5 times greater than the downside risk [1] - The strategy leverages market inefficiencies and contrarian insights to maximize long-term compounding while safeguarding against capital impairment [1] - A strong margin of safety is prioritized to protect against capital loss, with a 2-3 year investment horizon that allows for enduring market volatility [1]