Opening ARM Holding

This is the company which was always more expensive than I wanted to pay for it. I was wrong so far, it was growing like crazy. ARM holding (ARMH) designs processors used in the most smart phones, including iPhone, and also in the most touchpad computers, including, of course, iPad. Company doesn't produce chips, which allows it not to spend huge fortunes on chip fab facilities. For comparison, Intel (INTC) currently spends about $15 billion to build 22 nanometer fab. ARMH licenses CPU designs to other companies. With the explosion in smartphones production, ARMH sells more and more licenses every month. Valuation is pretty steep, current P/E is just under 100, but I think company can see several years of explosive growth ahead.
That's why I started ARMH position today, on the second day of Libya related panic. I don't see any dependence between Libia and ARMH, so it looks like a good entry point.
Of course, I'm kicking myself for not buying it at $10 (was thinking about it at the time), but better late than never.