To channel techboy, it's all market timing. You are assuming that last year's high is some sort of meaningful number that represents the "true" value of AAPL, and that's it's now discounted. Nothing wrong with that, but it's the same thing RonJeremy is doing when he is concerned that the stock can drop. Both of you have come up with a number that you think the stock is "actually" worth, and you're comparing today's price with that.
Again, there is no problem with that, but you can't accuse someone else of market timing when you are essentially saying "Now is a great time to buy AAPL!"