He was right!
In 1997, Apple didn't have the Ipod, the Iphone or the Ianything worth having. They had Ifuckall apart from a loss making company selling obscure devices in graphics and eduction.
Michael Dell was right. Apple's fortune was completely out of the blue (not neccessarily luck, but not predictable either) or the share price wouldn't have risen 150% in the year following the first IPod.
Apple have done well, but the only logical decision looking at a 1997 balance sheet was pull the bleedin plug and fast.