????即便谷歌上周發(fā)布了遠低于預(yù)期的財報，導(dǎo)致股價重挫70點之后，谷歌的市盈率21.4依舊高于蘋果的14.3。而再看這邊。假如蘋果周五發(fā)布財報，只要股價沒有大幅上漲，根據(jù)周五的收盤價，它的市盈率還會下降至13.1。照這種情況看，投資者假如要購買谷歌、而不是蘋果的股票，還需要額外支付40%的保險費。蘋果的收入增長速度是谷歌的兩倍，這種情況不僅發(fā)生在2012年，過去五年的平均增長率也都是如此。

????谷歌的擁護者持有的觀點是，盡管蘋果的過去十分輝煌，但決定一家公司價值的是未來，而不是過去。市場更看重公司未來的潛力，而不是過去的成就。谷歌的擁躉每年都要搬出這套說法，可是蘋果的表現(xiàn)總是證明他們錯了。

????Even after Google missed on earnings last week, causing a precipitous 70-point drop in the stock price, Google still trades at a higher P/E ratio (21.4) than Apple (14.3). And get this. Once Apple reports earnings on Friday, if the stock doesn't move substantially higher, it's P/E ratio will drop to 13.1 based on Friday's close. As it stands right now, investors are already paying an extra 40% premium just to have the right to buy Google over Apple even though Apple has grown its income at more than twice the pace of Google, not just in 2012 but over the past 5-years on average.

????The main argument Google pundits make is that Apple's extraordinary past performance notwithstanding, it is the future — and not the past — that determines value. The market is forward looking and thus places more value on future potential than it does on past results. Google bulls have argued this for years, and every year Apple's performance has proven the them wrong.