Humans are very bad with big numbers conceptually, especially when it is the first time to reach it with no historical precedence.

When iPhone first came out, many were even questioning if it will make Steve Jobs's goal of 1% market share, 10 Millon unit. I believe no one at the time forsee what sort of tectonic shift this is, not in real unit numbers, Steve knew it would change the world, but at what scale?

Since then the market had a hard time understanding Smartphone, Apps, and iPhone. How many more can it be sold? Remember after the first introduction of iPhone, Apple spent nearly the next 4 - 5 years, tuning their production and supply chain management. By iPhone 4s, they were close to 100M yearly iPhone sales, that is 10x more than their initial 1% target. And today Apple regularly hit the 200M+ unit every year.

Apple does not have a full range lineup for all price point to make volume. Apple are in the premium market, and having these kind of volume was unimaginable at the time, as it still is today. It wasn't until this year, that the 2017 iPhone Range ( iPhone 8 / 8 Plus / X ) made up of around 60% of Apple unit sold, in all previous cases, the latest iPhone range represent 70%+ of all unit.

It still remains hard to conceptually grasp the data today. 7.5B population on earth, ~5B Mobile Phone users, ~3.3B Smartphone users. There are together roughly 2.5B people in the age of 14 or below and 65 or above. Which means we have mostly reach the mobile market end curve. There remains 600M users in China without Internet access, 400M users without Smartphone or even Mobile phones.

How long does it take for the ~2B Mobile user to switch to Smartphone? Where does the market go from here. Most analyst would have thought lower end Android phone takes over for low end market growth, but it turns out Apple is still making growth in iPhone user base. Early 2016 Apple has roughly ~630M iPhone users, by 2017 it has reached 700M. And when you thought this big number couldn't grow any bigger, Apple may now be closing in to 800M iPhone users according to Tim Cook statement of double digit percentage iPhone user growth. With the 2.5B Smartphone users spilt between Google Android and Chinese Android.

Epic estimates that out of the ~2.5 billion android phones in the world 250 million can run Fortnite. As compared to all iPhone from 6s. This paints a picture the sort of difference in the premium market segment.

I am no historian, but I don't think there are anything in the history of mankind where one can have 90%+ of the market profits without monopolising the
market, and doing so with less than 30% market shares.

Wall Street doesn't understand Apple, because there is nothing else in the history quite like it, and there isn't a model they could relate to, apart from any other commodity player like HP or Dell, or as some described, Steel Mills. When they don't understand how they could grow, how these number could get even bigger, the only way is to play safe.

Apple has been trading at Forward P/E of ~17 since 2009.

There are two kinds of people in the world, ones who don't understand Apple, and ones who think they understand Apple but they don't.