I have already expressed my worries about RIMM earlier this month, but at this point where the stock is trading at $46.50 (a 17 months low), I feel that the market is starting to overly punish Research In Motion for their arrogance. The stock is now trading at 10 times their EPS. To put things into perspective, AAPL is now trading at 20 times its EPS, and both companies, in my opinion, have a questionable vision: one thinks that toys are going to replace laptops, the other acts passively when it comes to accommodating government requests in emerging and hot economies (such as some Middle Eastern countries, as well as India).

I would wait for the end of day tomorrow to buy a few hundred RIMMs. The rebound on Monday is almost guaranteed, at least for $2 a share, a nice profit.

I think RIM is learning some good lessons here, don’t underestimate emerging economies, don’t underestimate Apple, think forward, and be humble (the arrogant Steve Jobs attitude is not for everyone, can you hear me Mike Lazaridis?)