Billionaire Israel Englander Sells Apple Stock and Buys an Index Fund That Could Soar 180%, According to a Wall Street Analyst

Israel Englander is the CEO of Millennium Management, the second most profitable hedge fund in history as measured by net gains since inception, according to LCH Investment. In total, Millennium owns more than 6,000 stocks, index funds, and options, but Englander downsized one of his largest positions in the third quarter.Specifically, he sold 11.5 million shares of Apple (NASDAQ: AAPL), reducing his stake by 90%. Apple had been one of his hedge fund's top 10 holdings, but it no longer ranks in top 75. Meanwhile, Englander bought 2.4 million shares of the SPDR S&P 500 ETF Trust (NYSEMKT: SPY), increasing his stake by 81%. That S&P 500 index fund is now his seventh largest holding, and it ranks first if options contracts are excluded.That is particularly interesting because Ed Yardeni of Yardeni Research anticipates significant upside in the S&P 500 (SNPINDEX: ^GSPC) in the next decade. He believes the roaring 2020s -- a term that refers to booming economic growth seen in recent years -- could drive returns of 11% annually during the next 10 years. That equates to a total return of roughly 180% by 2034.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool