I still have mine, average entry price is around $540...
I bought it because of valuation. Balance sheet is superb, and it's making incredible amount of money, tons of cash on hand, low P/E, good dividend at >2% with lots of room to grow because of low payout ratio.
Apple also better moat than Nokia,RIM,Sony...it has the ability to charge higher price than competitor, it has superior design, best brand name and arguably the best ecosys to lock in customers.
I believe Apple will do fine in the short term with following catalysis:
1) China Mobile and Chinese market to drive revenue growth to cover margin going down
2) buy back or dividend increase. Apple already announced to use about 40 Billion for buy back, with current market cap, this is almost 10%. There are plenty of room to increase both buy back and dividend.
In 3 to 4 months, TMobile will be selling iphone, this could easily add 2 to 3 million iphone sales. (AT$T sold 8 million, Verizon sold 6 million in last quarter).
I know all the above reasons, that's why I bought it...BUT...
The biggest problem I see with Apple is the lost of Steve Jobs. Can Apple deliver the next big thing without him? I try to think of creative companies that lost their founder, most don't fair well...
Cook is probably a good business men and a great supply guy, ive is an incredible designer, but without Jobs, who's gonna be the one to come up with new products? (not upgrades of current product, but new products that opens new markets)
I am pretty confident Apple will be fine in the short to mid term, but if I ask myself what will Apple be like at 10 years or 20 years. I have no idea -_-!