Investors have Apple all wrong, according to Bill Miller. The best performing mutual fund manager last year, thanks to big bets on unloved stocks, says the world’s largest listed company could be worth 50 per cent more.
The technology group’s share price has dropped more than a third from its September peak, as earnings growth has faltered. “Most people are worried about Apple perhaps ending up like Nokia or Rimm, once-hot product companies that have fallen on hard times,” says Mr Miller.
In his opinion “Apple is much more like Nike, a consumer brand with great loyalty”.
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