Apple’s sky-high stock valuation is unreasonable

• Apple’s stock valuation is unreasonable, reflecting how it’s a “shrinking company,” Bill Miller IV said.

• “I think somebody needs to tell the market that Apple is a shrinking company trading at a growth company multiple,” the chairman of Miller Value Partners said.

• Apple stock has taken a hit in recent weeks thanks to a partial ban of iPhones by China.

Apple’s current stock-market valuation reflects unrealistic…