Apple's P/E is just under 22, which is not terribly expensive for a company that just launched a new, multibillion dollar product line (the iPad) and who has the dominant product in a rapidly expanding market (smartphones).

The writer puts it as "Would you rather own Apple or [long list of companies]?" That's a little misleading, because any of those companies could be overvalued or undervalued by the market, and because betting all your money on one company is almost always less attractive than spreading your risk over a dozen different ones.