谷歌Vs.苹果：股民该买谁？

    即便谷歌上周发布了远低于预期的财报，导致股价重挫70点之后，谷歌的市盈率21.4依旧高于苹果的14.3。而再看这边。假如苹果周五发布财报，只要股价没有大幅上涨，根据周五的收盘价，它的市盈率还会下降至13.1。照这种情况看，投资者假如要购买谷歌、而不是苹果的股票，还需要额外支付40%的保险费。苹果的收入增长速度是谷歌的两倍，这种情况不仅发生在2012年，过去五年的平均增长率也都是如此。

    谷歌的拥护者持有的观点是，尽管苹果的过去十分辉煌，但决定一家公司价值的是未来，而不是过去。市场更看重公司未来的潜力，而不是过去的成就。谷歌的拥趸每年都要搬出这套说法，可是苹果的表现总是证明他们错了。

    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.