Malkiel

RBC Bullish on Apple: Strong Back-To-School Mac Sales; “Sustained iPhone Momentum”

The term "anointed" comes from Cramer, whose theory as a hedge fund guy is that harried hedge and mutual fund managers who have to do a lot of buying to do make life easy for themselves by deciding which stocks within a given quarter have solid up trends and ride those horses because they know all their competition will do the same, reliably buoying the price. (for mutual fund managers it's part of the quarterly "window dressing" process, where they want their shareholders to see names in the quarterly report that look solid and respectable). I believe in the concept, and it was pretty clear from the behavior of the stock in Q2-3 that Apple was one of the "anointed" (Cramer called Apple one of his "four horsemen of the apocalypse, ponies you could ride all the way to the end of the quarter).

Unfortunately, the horses have stumbled on the credit crisis and I wouldn't be surprised if the funds choose new ponies later in the year if the market recovers, regardless of Apple's fundamentals. It ain't fair brother, but it's the way the market works...