There's No Good Reason to Own Apple Stock

NEW YORK ( TheStreet) -- I always thought investing was about making money, not proving a point.

When we discuss the notion of emotion in investing, it's about more than cheerleading for a stock or averaging down on a dip in a misguided attempt to save a position. It's as much about losing sight of the reason why you invest in the first place.

When you take that perspective, it renders Apple ( AAPL) a stock not worth owning, at least not to a level approaching anything that resembles a core position. Why step in front of the train of negative sentiment and uncertainty? There's no good reason.

In January, I made an appearance on CNBC's "Fast Money" program where, afterward, viewers claimed the experienced panel schooled me. I have no problem admitting that nervousness and anxiety, at times, get the best of me. But, it's imperative to point out my primary takeaway that day: Do Not Buy Apple Ahead of Earnings.

At the time, one of the Fast Money panelists told us that "in the short run Apple could go to $550." Another countered my contention that cost basis matters in buy/sell decisions. In retrospect, it's a shame my jitters -- and their aggression -- prevented me from getting my take across clearly.

Here's where I stood on AAPL back then:

Two out of three ain't bad, Meatloaf.

Horrible stock for long-term investors to hold. Check.

Too much anxiety surrounding the stock. Check.

Give Apple some breathing room for CEO Cook to gain footing. That's where I have since shifted opinion.

I hold out hope that Tim Cook can deliver results with true innovation sometime before the end of the year, however, I fully realize it's a fairy tale to think it will go down that way. As Springsteen riffs, There ain't no storybook story/There ain't no never-ending song. Chances are Tim Cook cannot duplicate Steve Jobs' success. That much has become clear, albeit sadly.

We'll be talking about Tim Cook losing his job as Apple CEO before we're wowing over a new piece of hardware that rivals iPod, iPhone or iPad.

I might be wrong. I might be right. Opinions range and rage all over the place . . . wildly.

This is the embodiment of an uncertain, emotion- and psychology-driven battleground stock. Why mess with it? If making money as an investor to pay for things such as retirement, your kid's college, a house, a car, a vacation, whatever is your goal, you're almost irresponsible to invest any significant amount of money in AAPL right now.

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