You have it pretty right on with the "over priced based on the presumption that they'll continue to beat expectations, and they haven't." The iPhone 5 wasn't a

You have it pretty right on with the "over priced based on the presumption that they'll continue to beat expectations, and they haven't." The iPhone 5 wasn't a record breaker new device, it was them being complacent and creating a marginally improved phone. The iPad Mini was them REACTING to Nexus 7, Kindle, Etc. And now with Microsoft coming in with Windows 8 phone, Windows tablets, etc... more competition for them. And it's not like investors (and the stocks they invest in) are necessarily going up / down for a great reason. A lot of it is also emotional. And I think the factors I noted play into the emotion that Apple might have seen their peak in all out domination of smart phones (although android has greater share) and tablets. They would need another true innovation to see the type of growth they showed before.