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Value investor Joel Greenblatt believes Apple is one of the cheapest stocks out there right now

Value investor Joel Greenblatt told CNBC Apple is one of his biggest positions.

"It's priced as one of the cheapest stocks in the large-cap markets," said Greenblatt. "It's being priced as a hardware company, but we don't see it precisely that way."

The founder of Gotham Capital famously had annual returns of 40 percent from 1985 to 2005. He wrote the New York Times best-seller "The Little Book That Still Beats the Market."

Greenblatt also comments on:

  • Why future market returns are likely to be "sub-normal"
  • His long position in hated health-care stocks
  • How to value a stock

The full, unedited interview with Kelly Evans on CNBC's Closing Bell is only available to CNBC PRO subscribers.