Apple's sky-high stock valuation is unreasonable - in fact, it's a 'shrinking company,' value fund manager says

• 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 growth expectations, according to the chairman of Miller Value Partners.

The makes of iPhones and iPads is the most valued company in the world, with a current market capitalization of around $2.73 trillion. The measure briefly surpassed $3 trillion earlier this year, the only stock to ever reach that milestone.