1. 'AAPL has direct relationships with 900mm of the wealthiest consumers in the world'
2. 'AAPL is transitioning to a recurring-revenue business model, which is driving multiple expansion'
3. 'AAPL is indifferent to which apps are most popular on its platform (ie, it’s an arms dealer)'
4. 'AAPL is a pure play on the trend toward "always-on" mobility'
5. 'AAPL’s compensation structure is a hidden asset that drives valuation upside'
6. 'AAPL benefits from Network Effects'