Chart of the day: What Apple Inc. brings to the S&P 500 by Philip Elmer-DeWitt @FortuneMagazine March 1, 2013, 2:46 PM EDT E-mail Tweet Facebook Google Plus Linkedin Share icons In billions of dollars. S&P 500 totals include Apple. Source: Bloomberg via Oracle Investment Research. Click to enlarge. FORTUNE — A few weeks ago I got an e-mail from Laurence Balter, chief market strategist for Oracle Investment Research, chastising me for not crediting him with the downgrade — issued in late August — that helped lop more than $400 billion off Apple’s AAPL market value. I promised to keep a closer eye on his calls if he would add me to his mailing list. He did. I have. And early Friday he issued a note titled “A ‘jumbo jet’ dividend ready for takeoff” that included the graph above. Apple, he estimates, could afford to pay more than 5% of the S&P 500 dividends yet currently pays considerably less. Balter has turned around on Apple since last summer, having called a bottom at $439 in a Dec. 5 Bloomberg TV appearance. His Friday note reiterates his “strong buy” on the company and anticipates a big dividend bump. “Buckle your seat belts,” he writes. NOTE: This is the third version Balter’s Friday chart. The first two were more dramatic, but way off base.