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Don't Buy Apple's One-Trick iPhone Pony

So one has to ask, as Alan Murray does in The Wall Street Journal today, why the iPhone was announced so far in advance of its actual introduction in June 2007.

Last Tuesday's announcement also runs the risk of both the smartphone and iPod markets freezing up over the next few months.

And looking beyond the wow! factor, one has to question many of the features of the iPhone product. I suspect that in the fullness of time there could be even more flaws than I mentioned in my article yesterday.

From my perch, the market's very favorable reaction to Apple's iPhone is yet another example of disbelief being suspended ... on the Street of Dreams.

At time of publication, Kass and/or his funds had no position in stock mentioned, although holdings can change at any time.

Doug Kass is founder and president of Seabreeze Partners Management, Inc., and the general partner and investment manager of Seabreeze Partners Short LP and Seabreeze Partners Short Offshore Fund, Ltd. Until 1996, he was senior portfolio manager at Omega Advisors, a $4 billion investment partnership. Before that he was executive senior vice president and director of institutional equities of First Albany Corporation and JW Charles/CSG. He also was a General Partner of Glickenhaus & Co., and held various positions with Putnam Management and Kidder, Peabody. Kass received his bachelor's from Alfred University, and received a master's of business administration in finance from the University of Pennsylvania's Wharton School in 1972. He co-authored "Citibank: The Ralph Nader Report" with Nader and the Center for the Study of Responsive Law and currently serves as a guest host on CNBC's "Squawk Box."

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