NEW YORK ( TheStreet) -- Steve Jobs liked to use the term "bozo explosion." It refers to hiring second-rate executives and managers -- "bozos" -- who then go on to hire more B-players. Before you know it, your organization experiences a bozo explosion. Jobs claimed he was the only person who could prevent the bozo explosion. That's part of the reason why I am ultimately bearish on Apple ( AAPL) without Steve Jobs at the helm.
It's not that guys like Tim Cook are bozos -- Jobs hired them after all -- but they're certainly closer to bozo status than he was. And they cannot prevent the bozo explosion from taking place. I've thought a lot about the bozo explosion since I was exposed to the concept. When I consider an executive, I often think of Jobs and ask, "Would he hire this person or would he consider him or her a bozo?" Is this person an A-player?