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Apple Bull Case Laced With Sloppy, Bearish Holes

Stocks in this article: AAPL

NEW YORK ( TheStreet) -- I'm pretty open about my preferences.

I would probably get along way better with Tim Cook than Steve Jobs. By all accounts, Cook is one heck of a guy, whereas Jobs, to put it mildly, had some nasty personality traits. If I needed to hire a CEO or team up with an entrepreneur, however, I would take Jobs in a flash. Even now.

>> Also see: Drop in Apple Stock Is a Crime

That said, there's something that's just not right about Apple's (AAPL) recent drop in price.

The company blows the doors off of past iPhone sales records. And it's left with the problem every other hardware maker would love to have -- at least 5 million units booked and pent-up demand for tens of millions more. This stock should have held $700 and took off from there, just like it did at $500, particularly with the holiday quarter almost upon us.

That is unless, of course, investors have come around to the short-term moderately bullish, long-term bearish view I have advocated pretty much since Jobs's death.

Follow me this way.

I like to view the world through several lenses. I most often use my perspective of how things should be and my perception of how I think things actually are.

As the world turns with Apple, I have a sense that those two world views are merging. If that's the case, maybe Apple's most recent weakness has less do with short-term noise -- a possibility I endorse -- and more to do with investor confidence in the company's long-term ability to grow and innovate.

In Has Apple Peaked? well-regarded New York Times columnist Joe Nocera explains why he thinks Apple will not produce "another product as transformative as the iPhone or the iPad":

Part of the reason is obvious: Jobs isn't there anymore . . . Apple's current executive team is no doubt trying to maintain the same demanding, innovative culture, but it's just not the same without the man himself looking over everybody's shoulder.

Even bullish takes that beat back against this sort of bearishness send off red flags.

Consider Jean-Louis Gassee's recent blog. I wonder if we accept some of his opinions as fact simply because he's well connected in the Valley.

In response to Nocera, Gassee makes a sound, but incomplete point about Apple's long-standing arrogance:

The Maps demo was flawless . . . but not a word from the stage about the app's limitations . . . no admission that iOS Maps is an infant that needs to learn to crawl before walking . . . Instead, we're told that Apple's Maps may be "the most beautiful, powerful mapping service ever."

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