Don't Bet Against Jobs' Successor

Ever since Steve Jobs took his medical leave of absence, Apple stock has been criminally underpriced, argues Eric Jackson of Bloomberg. “That assertion may seem absurd,” he allows, given that Apple’s market value is second only to Exxon Mobil’s, but “it should be much higher,” given the company’s astounding 134% average annual earnings growth. It’s trading relatively low purely because people “see Jobs like some sort of shaman, impossible to replace.”

“What I find remarkable is that while the business media often refers to Jobs as a control-freak obsessing over minor details of products and marketing campaigns, they assume he isn’t equally focused on who will succeed him,” Jackson writes. It’s no surprise he hasn’t revealed that plan—Apple is notorious for playing its cards close to the vest. Besides, the company’s loaded with capable executives. “None is a replacement for Jobs, but that’s an impossible task.” (More Steve Jobs stories.)