Something that was apparently figured out under Jobs has become a mess under Cook.

Plus, you have executives (e.g., Ron Johnson's replacement) running around making asinine decisions about retail staffing and later apologizing (via GigaOM).

Then there's a marketing department left unsupervised, evidenced by the TV spot where the Apple Genius fixes tech problems aboard a flight. It looks like a really bad Best Buy ( BBY) commercial.

These things -- very unApple-like missteps -- never would have happened on Jobs's watch. Never.

The present stock price certainly refutes what I have always positioned as a forward-looking argument. However, if you're long, bend back at the psychological forces that encourage you to minimize, discount and deflect this long-term bearishness.

As the aforementioned Enderle said in another tweet: ... that's the nature of "starting", you look at the first indication. Around when Cook issued the dividend we started to see indications of the inevitable: Apple is making the disappointing shift from the greatest company to one of the good ones.

At the time of publication, the author held no positions in any of the stocks mentioned in this article.

This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.
Rocco Pendola is a private investor with nearly 20 years experience in various forms of media, ranging from radio to print. His work has appeared in academic journals as well as dozens of online and offline publications. He uses his broad experience to help inform his coverage of the stock market, primarily in the technology, Internet and new media spaces. He has taken a long-term approach to investing, focusing on dividend-paying stocks, since he opened his first account as a teenager. Pendola, 37, is based in Santa Monica, Calif., where he lives with his wife and child.

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