Bill Baruch is trimming Apple in a concentrated portfolio because the valuation has reached the upper band of its historical range. He is not sour on the name. The team leaned in heavily during May and June and traded it up to a 14 percent weighting, and with Apple up more than 20 percent this year he is taking some off. The real story is where the money goes. Bill wants to own the names that drive the Mag Seven breakout more heavily, so the proceeds are going into Nvidia, Broadcom and Amazon. Watch the full discussion here.