“The world’s largest hedge fund picked a bad time to fall out of love with Apple,” Matt Egan reports for CNNMoney. “Bridgewater Associates cut its stake in the iPhone maker in half at the end of 2014, according to regulatory filings revealed this week.”
“Apple has had a red-hot start to 2015 with shares soaring 15% so far this year,” Egan reports. “In fact, Apple is doing so well that it just became the first U.S. company ever to achieve a valuation north of $700 billion.”
“The fund still owns 259,497 shares of Apple,” Egan reports. “But Bridgewater was clearly ready to cash in on some of its Apple winnings and move on. The fund bought Microsoft instead. So far, Microsoft shares are down 8% so far this year, badly trailing a 2% gain for the Nasdaq.”
Read more in the full article here.
MacDailyNews Take: On the Surface, this move seems stupid, but, once you dig deeper, even those with the least serviceable faculties can plainly see that’s it’s morbidly idiotic.
[Thanks to MacDailyNews Reader “BD” for the heads up.]