Even in this scenario, Apple just meets the breakeven required rate of return, delivering a 10% compound annual return.

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Central bankers have also bet that QE would drive investors into riskier assets, reducing the required rate of return on new business investments.

WSJ: Central Bankers' Change

One challenge when evaluating tech stocks in this particular segment is finding a discount rate (required rate of return) that includes enough of a risk premium.

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One thing Resendes says is for sure: If Barack Obama wins in November and follows through on his vow to raise the capital gains rate from 15% to 20%, it will drive up the required rate of return investors demand from stocks and drive down their prices.

FORBES: Somewhat Cheap