Despite a seemingly endless parade of economic data and earnings reports, the most important data release of the quarter occurred on Monday, May 16, and there's a real possibility you missed it. Last Monday marked the deadline for money managers with at least $100 million in assets under management to file Form 13F with the Securities and Exchange Commission. With market volatility picking up in a big way this year, perhaps it's no surprise that highly profitable and time-tested stocks within the iconic Dow Jones Industrial Average (DJINDICES: ^DJI) were popular buys.
Tech stocks have been one of the worst-performing sectors of the market, losing over 20% of their value so far this year. After a 30-year bull run that saw the Nasdaq 100 index gain nearly 4,000%, the tech-heavy benchmark has turned south and is officially in bear market territory. While that's made investors leery of dipping their toes into the sector, particularly when energy stocks have gained over 50% in 2022, now just might be a great time to invest in tech stocks.
For the lucky bunch who invested $1,000 in Apple stock twelve years ago, their investment would be worth $18,400 today. Let's look more closely at the probable causes for Apple's previous performance and consider if investors who buy Apple stock today can expect similarly impressive returns. Apple's dominant performance over the last decade could not have been achieved without the overwhelming success of the iPhone.