Apples and oranges — perhaps, tulips…

Posted on Feb 03, 2012 by in Letters

We have a short time ago bought and remarked on the Qs.  Here is the story since March of 09.  That trendline, when broken (as in all the indices, created an airpocket into which the Qs were sucked, and then an extended sideways congestion.  As may be seen here prices have burst out of the congestion zone and are on a tear.  Much of this is owing to Apple which drives much of the tech index.  By many fundamental metrics Apple is undervalued, which may sound strange, but then fundamentalists are a strange bunch, religious or market.

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