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Apple’s $3 trillion valuation

 Abundant central bank money printing has put a rocket under virtually all asset prices, but particularly the big American tech stocks, which have benefited hugely from the compounding effects of indexation. 

With Apple now worth around 7pc of the entire S&P 500, the big has begotten the even bigger, with tracker funds driven to buy Apple shares in ever greater amounts simply to keep up with their growing weight in the index.


A manager with one-third of assets in Chinese stocks won’t get fired if that market falls, since almost every other firm has similar exposure.


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