Five Lessons from Apple’s Fall

Shares have recovered modestly from their autumn swoon. But future gains won’t come easy.

The stock market may be the world's most ruthless headmaster, teaching investors costly lessons on a daily basis. But few lessons are more instructive — or more costly — than those provided by the meteoric rise and fall of the shares of Apple (symbol AAPL).

In case you missed it, here's the CliffsNotes version. Until last fall, Apple was one of the decade's most compelling success stories, with its shares rising 100-fold from September 2002 through September 2012.

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Kathy Kristof
Contributing Editor, Kiplinger's Personal Finance
Kristof, editor of, is an award-winning financial journalist, who writes regularly for Kiplinger's Personal Finance and CBS MoneyWatch. She's the author of Investing 101, Taming the Tuition Tiger and Kathy Kristof's Complete Book of Dollars and Sense. But perhaps her biggest claim to fame is that she was once a Jeopardy question: Kathy Kristof replaced what famous personal finance columnist, who died in 1991? Answer: Sylvia Porter.