The S&P 499

Speaking of Apple’s effect on market indexes:

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.

Kind of reminds me of the “non-iPad tablet market”.

★ Wednesday, 15 February 2012