By Philip Elmer-DeWitt
January 1, 2014

FORTUNE — Apple (AAPL) as an investment looks very different, depending on your time frame.

This could explain why long-term investors tend to be happy campers. More recent arrivals, not so much.

People who tried to beat high-frequency trading algorithms in the Apple options markets may never come back. See The rise and fall of Andy Zaky.

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