Apple still is a Conservative Investor's Paradise.

Apple Inc is the most popular stock among billionaires. No company receives as much attention as Apple Inc, a fact that, in itself, is a cause for pause among investors. Despite the common sentiment that Apple dominates every segment that it occupies, some frontiers of the technology world are yet to be claimed decisively. Unclaimed territories are opportunities for growth, as well as defeat.

Apple is already choosing its battles and, in fact, does not need to win all of them. Unlike many potential growth bets, Apple does not need miracles in order to ascend into investment paradise. In our view, conservative investors should be interested in Apple just as much as growth investors, if not more interested. Why?

The iPhone is a margin beast. As we noted elsewhere, the iPhone is a 49 percent margin product, compared to 23 to 32 percent for the iPad; the iPhone is a dream product in that regard. The iPhone 5 sold 5 million units since its launch last Friday, but this was not as high as the most bullish estimates of 6 million to 10 million units. We are not very concerned about this alleged shortfall.

Merrill Lynch analyst Scott Craig, who has pegged a $850 price target on Apple Inc (NASDAQ:AAPL), noted that supply limitations were the primary reason for the disappointment. When taking into account the September 29 second-wave roll out of the iPhone, Craig thinks that every 1 million iPhones sold translates into an additional $0.15 earnings per share.

Apple is number one in notebooks. Apple has the privilege of both jeopardizing the future for the notebook market with the iPad while, at the same time, monopolizing the notebook market. Sure, the company sold 17 million iPads in the second quarter, more than any other company sold of its entire lineup.

Aside from that, though, Apple’s notebook market share has increased to 68 percent from 62 percent last year. Additionally, Apple Inc (NASDAQ:AAPL) does a good job of giving its customers ways to connect tablet, mobile, and notebook devices, increasing the likelihood that consumers will want two or all three.