http://www.macnn.com/articles/00/04/27/money.magazine/
Money Magazine questions Apple's valuation
updated 04:05 pm EDT, Thu April 27, 2000
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In a piece questioning the value of Microsoft and Apple as the Internet could move users towards a more operating system-free world, Money magazine is calling Apple stock overvalued. "...Apple is also valued near its historical peak, trading at 3.3 times sales with a P/E of 40, so much of that optimism is reflected in the stock price. Apple's Internet moves are encouraging, but it sure isn't a value stock at these levels."
