New York
THE iPhone helped to catapult Apple into its position as the world's most valuable publicly traded company. But now Apple has another and, arguably, more exalted stock-market distinction. In the history of the markets since 1926, Apple has generated more profit for investors than any other US company.
That conclusion emerges from a study of stock-market returns by Hendrik Bessembinder, a finance professor at the W.P. Carey School of Business at Arizona State University.
His broad findings on the market are startling: Most stocks aren't good investments. They don't even beat the paltry returns of one-month Treasury bills, he has found.
But a relative handful of stocks are extraordinary performers....
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