From Barrons: In a note yesterday, Cumberland Advisor’s
David Kotok explains that the S&P 500-stock index (SPY) has gained just
0.6% from election day through Dec. 21–a fact that has many pundits blaming the
fiscal cliff. Not Kotok–he blames Apple (AAPL).
Why Apple? Kotok looked at a bunch of exchange-traded funds
that track different versions of the S&P 500–with much less exposure than
the market-cap-weighted version’s 3.8% share of the portfolio–and finds that
nearly all of them have outperformed.
Apple’s nearly 28% decline since mid-September hasn’t been
kind to investors who bought mutual
funds with big stakes in the stock, reports Reuter’s David Randall….
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