In July of 2012, shares of Apple were trading in the low US $600 range and were about to embark on a rather sudden ascent to $700. The party, however, didn't last long as Apple shares quickly began a steady decline, hitting a 52-week low of $390 this past April.
In an effort to explain why Apple stock was falling so precipitously, we were treated to a host of analysts and talking heads who were quick to proclaim that Apple had peaked and that it had, seemingly overnight, lost the ability to innovate.
An oft-heard refrain was that everyone who wants an iPhone already has one and that Apple would face many challenges trying to sell more iPhones in an increasingly crowded marketplace.
But then a funny thing happened. La
