Earlier this month, Jonathan Golub, the chief U.S. equity strategy
at UBS AG, caused a stir among his clients by publishing two
versions of his regular quarterly earnings update: one for the
companies that make up the S&P 500, and another for what he calls
“S&P 500 ex-Apple.”
“In two and a half years, I haven’t got as much response as I did
to that note,” Mr. Golub says.