Well, I don’t think there’s anything I can tell you about Apple (AAPL) that you can’t read anywhere else … except for the fact that I just increased my AAPL position by about 15%. Apple and Berkshire Hathaway have been jousting back and forth for the coveted title of “largest holding in Travis’ equity portfolio” for some time now, and this puts AAPL decisively on top. At least for now.

Do I have anything to add? Not really — I’ve owned Apple for a while and featured the stock as an “Idea of the Month” favorite back in December when it was right around $500, and I think all the chatter and negative sentiment about the stock is really mostly noise. Yes, growth is slowing. Yes, there’s more competition. Yes, my position is in the red by a few percentage points now (I thought it was a perfectly decent buy at $600 last year, too).

But also: Yes, they pay an above average and growing dividend (2.75% now). And yes, they have $140 billion in cash and will be using some of it to raise that dividend and buy back stock in the future. And yes, they have not introduced a ground-breaking product since the iPad and investors always expect more … but they will come out with more products and maintain their huge and loyal customer base … and the market is pricing in a stagnating company that will grow only as the economy grows.

I think AAPL can see deteriorating margins, slow growth, and competitive challenges and still be easily worth $500 a share given their strong customer base and huge cash balances and ability to invest in the next generations of quality consumer electronics. So I’m adding a bit to my position, I’ll let those dividends reinvest and compound, and I’ll watch to see how things develop over the next few years. AAPL is priced like it’s destined to fail right now, I think that’s silly.

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