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Apple’s Surge May Make It ‘Too Big to Succeed’: Chart of Day

The 38-fold surge in Apple Inc. shares that drove the iPhone seller past Microsoft Corp.’s market value means the company may be “too big to succeed,” according to research from Rob Arnott.

Research Affiliates LLC found that since 1953, shares of the biggest Standard & Poor’s 500 Index company in an industry trailed the average stock by 2.4 percent a year in the next decade. The CHART OF THE DAY shows the market value of Apple, whose stock rallied to $270.17 yesterday from $7.17 at the end of 2002, passed Redmond, Washington-based Microsoft’s in May following the introduction of the iPad tablet computer.