A conservative way go play Facebook

Nobody knows what's the fair value of Facebook. There is certainly potential to go up but downside risk is real as well. I will buy stock at 33 and immediately sell a Jan. 2014 33 call at $9. If FB is above 33 on Jan. 2014. Your stock will be called and you pocket the $9, which is about 28% return. If stock is below 33, you will still hold you stock but your cost has been reduced by $9. Only the stock is below 24, then you will lose money. Take advantage of high option premium and it will not last long.

why both bulls and bears are wrong on Apple

There are strong arguments for both bears and bulls on Apple. But unfortunately, they are both wrong.
The bulls arguments are Apple can continue current margin and keep the growth rate. They project that Iphone is going to have a run rate over 300 million units and Ipad over 120 million. The Itv is going to be a big winner.

The bears think that there is no way Apple can sustain IPhone at 150 million units, Ipad at 70 million and the competition will sure bring the margin down. When this happens, Apple will become another Nokia or Cisco.

I do agree that the Iphone and Ipad can not sustain the margin and 20% growth rate for long (at most another 2 years). However, the App. store will become a stable revenue source. Currently, Apple get 70% revenue without costs. eventually, I see total app sales of 10-20 billion annually which translate 7-14 billion profit. I think in 3-5 years, Apple should have eps at 50-60 dollar. given its cash position, the stock should trade around 650 to 800.