Mutual Fund Managers' Stupid Year

Avoiding Apple was among the many mistakes pros made this year
Photographer: Robyn Beck/AFP via Getty Images

The smart money doubted Apple this year. Oops. The company’s shares rose 33 percent through Dec. 16—almost five times the Standard & Poor’s 500-stock index’s 6.7 percent. “It’s been a really confusing year,” says Kim Forrest, an analyst at Fort Pitt Capital Group in Pittsburgh. “There have just been a handful of stocks that drove the market, and Apple was obviously one of them.”

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