Unfortunately, I've never bought into Apple, kicking myself now thanks to my flawless hindsight.
I always underestimated people's desire to spend on wants, and continue to do so. I know that I'd never spend a penny of my $$$ on any Apple product (I would probably buy an iPod, but was saved by receiving one as a gift) and I project that on others. Fortunately for Apple shareholders, there are countless people who will buy 5 iterations of each of Apple's products. In the past couple years, I've realized that more than a tech company, Apple is a marketing machine.
They have somehow convinced legions of their fans to do their marketing for them, which is incredibly powerful. The number of times I've heard ... "my Mac can do this" makes me want to blow up Apple's headquarters. But people are listening, people are buying, and every time I pass an Apple store, it's swamped. I might not bet on Apple, but I sure as hell won't bet against it.