Penny stocks are one way to double your money, though it's fraught with risk, but there are equally shiny opportunities trading at the other end of the price spectrum, too. I call 'em "three-digit stocks." Yet if they're anything like Berkshire Hathaway, they can trade in the four-, five-, and six-digit range, too.

penny stock might not be a good buy simply because it's cheap, and a three-digit stock shouldn't scare you away just because it carries a hefty price tag. Handsome is as handsome does. Let's check in with the Motley Fool CAPS community to see which of the high-priced stocks below earn the greatest confidence from our investor-intelligence database:

Stock

CAPS Rating (out of 5)

3-Digit Price

Return on Capital, TTM

Apple (Nasdaq: AAPL)

***

$242.50

30.1%

Biglari Holdings (NYSE: BH)

***

$286.98

5.8%

National Presto Industries (NYSE: NPK)

*****

$100.63

20.6%

Source: Capital IQ, a division of Standard & Poor's, and Motley Fool CAPS.

But just because these stocks are purring is no reason to jump into them blindly. Catching a tiger by the tail -- or a knife falling from on high -- can end up leaving you scratched and bleeding. That's why we recommend you use this list as a launchpad for your own research and analysis.

Highfalutin' honeys
There's hardly a day that goes by that Apple's valuation isn't called into question or that Research In Motion (Nasdaq: RIMM), Google, or Nokia (NYSE: NOK) are said to have introduced the next iPod, iPad, or iPhone killer. But there's more to investing than just considering a company's iconic products, and Apple's competitive moat is arguably one of the strongest in consumer electronics. But consumers are notoriously fickle, which narrows considerably how far the drawbridge needs to fall before one of its rivals can cross over, and is a good reason why some wonder whether Apple's valuation is sustainable.

CAPS member AlphaCenturion agrees that at its current price, Apple's stock is a take-it-or-leave-it proposition, but he sees its ability to produce products consumers want as a force to be reckoned with.

While that may be true, highly rated All-Star member jvaskonen thinks too much of Apple's success lies with its CEO.

Extreme top-down structure puts all Apple's eggs in one basket. And that basket just had his liver replaced. Look what happened to Apple the last time it lost Steve. When he goes, I think Apple is going to enter a long zombie phase much like Disney did after it's micromanaging boss died.

An art masterpiece
Warren Buffett wannabe Sardar Biglari continues to convert Biglari Holdings into a mini-Berkshire Hathaway (NYSE: BRK-B) by buying up disparate businesses, from restaurants to insurance companies. His attempt to add Advance Auto Parts (NYSE: AAP) to the fold broke down, and he had to withdraw his tender offer.

Maybe it's megalomania that caused Biglari to change the name of his company from Steak 'n Shake to his own, but it runs counter to what Buffett has espoused that he should also take up to a quarter of the company's book value growth for himself. It was that move that helped send Biglari Holdings shares from north of $400 a stub to below $290 each.

As odious as many of the moves Biglari the man has made are, the company's third-quarter earnings report showed that he is still able to get results. Revenues jumped 10% on the strength of the Steak 'n Shake chain, where comps rose 7.5% on a near-10% increase in store traffic, but also because of his acquisition of the Western Sizzlin chain. Its investments also added to earnings, which more than doubled and easily beat analyst expectations.

Separating the emotion from the stock, CAPS member kenjotto says Biglari has a history of value creation.

Good track record of value creation (compensation debacle not withstanding...) and has had success with Steak-N-Shake. This call requires a bit of trust in Biglari, but so far he's done ok. Seems disciplined with his targets and acquisitions. If he can keep that up, he should be successful.

Presto change-o!
National Presto Industries is something of an enigma in that it's likely you have one of its many gadgets and appliances in your kitchen -- bacon cooker, anyone? -- without realizing the investment opportunity the company presents.

Earlier this year, CAPS member R3quiem wrote that not only does National Presto have a chairman and CEO with a serious slug of ownership in the company, but it pays a healthy dividend, too.

NPK pays dividends annually instead of quarterly, and pays out most of their dividend in the form of a special dividend. See, each year, they pay out a roughly 1% dividend (which is what comes up on screeners), but then based on their annual profits, they also pay out a HUGE special dividend, which is literally just as reliable as their regular dividend. I seriously recommend that people give it a look.

In May, its CFO was buying National Presto' stock at market prices that were only slightly below where the stock stands today. While not omniscient, famed investor Peter Lynch has suggested we take notice when insiders are scooping up shares of their own company.

Count to 10
These three-digit stocks might be on their way to even higher valuations. That's why it pays to start your own research in Motley Fool CAPS. Read a company's financial reports, scrutinize key data and charts, and examine the comments your fellow investors have made, all from a stock's CAPS page.

Berkshire Hathaway, Google, and Nokia are Motley Fool Inside Value selections. Google is a Motley Fool Rule Breakers pick. Apple and Berkshire Hathaway are Motley Fool Stock Advisor recommendations. The Fool owns shares of Berkshire Hathaway, Biglari Holdings, and Google. Try any of our Foolish newsletter services today, free for 30 days.

Fool contributor Rich Duprey does not have a financial position in any of the stocks mentioned in this article. You can see his holdings here. The Motley Fool has a disclosure policy.