Why the stock market is so often wrong about Apple

An analysis of 13 bear markets reveals an astonishing disconnect

FORTUNE -- Asymco's Horace Dediu, one of the smartest analysts following Apple (AAPL), has often confessed that the relationship between the company's performance and the price of its stock is beyond his understanding.

But in a post published Monday morning he may have found the key.

He's made a...

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