In the battle of safe havens, I don't see a winner.Microsoft's relative underperformance against Apple is an ominous sign, and investors piling into these two tech giants may end up getting hurt over the coming months.With interest rates climbing higher, a mean reversion looks likely. However, we see trading multiple expansion as a big factor in the outsized returns generated by these tech titans. While most tech stocks have been hammered for months and remain in a vicious bear market, Apple and Microsoft have held up quite well due to their safe-haven status.During the last decade, Apple and Microsoft have created incredible amounts of shareholder wealth on the back of robust sales growth, greater operating leverage, and massive capital return programs.
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