Smart money bet against Apple just before it hit a 12-month highInstitutional ownership in Apple last quarter was near an historic low.
<p>FORTUNE -- Two reports from Morgan Stanley and Goldman Sachs about where institutional investors placed their bets last quarter suggest that the "smart money" is not always so smart.</p>
<p>In a note to clients issued Friday, Morgan Stanley's Katy Huberty reports that allocation to Apple (AAPL) among the top 100 investors in the stock fell last quarter to 2.0% -- near the low end of its historic
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Smart money bet against Apple just before it hit a 12-month high
