Apple is a stock that makes investors very uncomfortable.
A longtime Apple investor we talked to recently explained...
Because of its size and amazing run, it's made a ton of investors an insane amount of money over the years. For those who have bought and held Apple stock, it now represents an uncomfortably large position in many people's portfolios.
A traditional, conservative investors would not want to let one stock get to dominate a portfolio this way, and would be inclined to pare back. On the other hand, for years, there's only been one mistake you can make with Apple stock: selling it.
Making the problem even more complicated is that while the stock has surged in near parabolic fashion, it's still not that expensive by traditional valuation techniques, especially considering its high growth rate, and the huge opportunities that lie ahead.
So with that in mind, we were amused by this little nugget in the latest Barron's portfolio manager poll (which we summarized here):
Apple, not surprisingly, is one of the most popular stocks among investors for the next 12 months. It's also considered to be one of the only overvalued companies. Bank of America is the only other one that occupies both lists.
In the case of Apple, this speaks to the whole issue above: People are nervous about a stock that's surged like crazy, and yet at the same time, can't come up with a compelling reason to be bearish on it.
Apple shareholders are being driven nuts. Take pity on them.
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