The world has lost faith in Apple and Tim Cook, but fund manager Jeffrey Gundlach is a buyer.
That's a big shift for the Doubleline Capital CEO. Last May, when the world was still enamored with all things Apple, Gundlach made a bold pronouncement: short the stock.
At the time, the idea was almost heretical in investing circles, and betting on the stock declining seemed destined to be a losing one. Apple's stock ran up another 30% to an all-time closing high above $700 in September 2012.
That was the turning point.
Since hitting that all-time high, the stock has fallen 37% and is down 18% from when Gundlach first said that he was shorting it.