According to Toni Sacconaghi at Bernstein & Co., Apple’s failure to pay a dividend is preventing some investors from buying shares, reports “Silicon Alley Insider” (http://www.businessinsider.com/the-apple-investor-oct-22-2010-10).

About 10% to 15% of the investors he speaks with avoid Apple because they only buy firms with payouts or they’re concerned Apple will use the cash for an acquisition. However, “Silicon Alley Insider” says Sacconaghi’s talking to the wrong investors “as the stock has increased 5x the past 5 years versus an 11% gain in the S&P 500, with little signs of stopping.”