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….