NEW YORK ( TheStreet) -- Are investors losing faith in Apple because there's no visionary spark at the helm? I think that's a significant part of Apple's stock performance of late. There was a grace period after Jobs' passing, but as time wore on, the absence of a true, charismatic visionary at the top has hurt Apple. There's no problem from an operational aspect -- things are running like a top. Yet there is a huge deficit in the passion the iMaker once exuded. Maybe it's just perception, but it is clear that the reality distortion field has dimmed and people who were once devotees of the Apple aura are now being swayed by number of features rather than the balance between form and function. After all, Apple didn't ascend from the ashes because it engaged in a feature war. In fact, Apple did the exact opposite: The company bucked the trend, rejected the status quo and reduced features, reduced choices, made things simple, elegant, and you felt like the products were made just for you. The philosophy that brought Apple back from obscurity was simplicity. Part of that vision, Jobs' vision, was that Apple wouldn't kowtow to focus groups and broad market appeal. No, instead the company would simply create insanely great products, and if you were someone who was willing to pay the price for a premium product, then all was good. If not, then Apple (Jobs) didn't want you as a customer. All this talk about Apple releasing a cheaper iPhone so it can broaden the consumer base is antithetical to this vision. It's doubtful that Apple, with Tim Cook at the helm, is likely to go down that path. Unless of course, Cook has lost the spirit of his mentor. I feel Jobs' impression will last for quite some time. Cook is a smart man, a highly effective operations executive, and perhaps history will prove him to be the best. I think he knows not to upset what works. The problem is that he may not know what to do when the landscape changes, and he's forced to innovate. If he's truly inherited the vision thing, and if Jobs did his job well enough to surround Cook with people who can collectively carry on in a Jobs-like way, then all is good.