Will Apple Ever Release a New Product?

NEW YORK (TheStreet) -- It's probably best for me to open by talking about a Bloomberg video from a couple of days ago. I've included it here, down in the middle of this page. Somehow I overlooked this beauty.

Watch two highly respected guys -- VC Glenn Solomon of GGV Capital and Paul Kedrosky, a private investor and frequent Bloomberg contributor -- talk about Apple ( AAPL). They dig into iTunes Radio ahead of its launch and Kedrosky speaks specifically about Tim Cook being "in the hot seat."

Apple fans can trash me all they want, but I feel like the opinions I have been expressing for months stand among good and more-than-credible company.

I have had Cook on the hot seat practically since he took over, but most pointedly since late last year. See April 17, 2013's Tim Cook Must Go, He's No Better Than Ron Johnson for a summary and Wednesday's Tim Cook Killed Apple One More Time This Week for the latest.

Practically everything Solomon and Kedrosky said resonated with me, but the latter's comments about Cook, particularly in relation to innovation at Apple, hit the sweet spot.

Paraphrasing Kedrosky here ... When the story comes out about why we have this giant product hole ... that something fell out ... maybe Apple TV ... something went awry ... was mismanaged ... bad execution on a new product ... it will end up at Cook's door.

Bingo.

Let's go back to Aug. 17, 2012: Tim Cook Has No Idea How to Move Forward With Apple TV:
Just prior to his death, Steve Jobs said that he had the whole television thing figured out. He cracked the code! What the hell has happened since? ...
Something that was apparently figured out under Jobs has become a mess under Cook.

Apple bulls simply want to brush this reality off. We're going on a year since I wrote those words. A year and 12,000 Gene Munster predictions of an Apple TV later. And nothing. Why? Because, as I said, Cook has no idea how to move forward. And, as Kedrosky says, something somewhere went wrong.

Here's what went wrong. TheStreet was writing about it in May of 2012: The content providers did not cooperate with Apple. It's difficult not having Steve Jobs at the table for negotiations with New York and Hollywood. It's not quite the same Apple when you don't have a legend who operates and adapts like Jobs. It's even worse when you need an industry way more than it needs you.

But, again, stop and just think about this ... it bears repeating. Jobs had the living room figured out. Then, all of a sudden, the company line from Apple morphs into the living room remains an area of interest. Please. We might be dumb, but we're not stupid.

On opening day of this week's Worldwide Developers Conference, Tim Cook tells us that some people think innovation only means new product categories. Not so. Cook brings the type of rhetoric we see in comments' sections of these articles. He basically builds a straw man that Phil Schiller walks in and embarrassingly tears down.

Nobody ever said innovation is relegated to new products. Not at all. Never. It's just that anybody with a clue recognizes that the innovation that matters at Apple happens within new product categories. Not evolutionary refreshes and such.

The game changers have always been the most meaningful drivers of everything: the stock price, revenue, profits, margins. Cook can operate under the fallacy that Apple is a software company and waste his time dissing Steve Jobs's design preferences and poorly copying Pandora ( P). It's all part of the sideshow he disguises as not asking what Steve would do, just doing what's right.

For goodness sake, Apple must really think we're all complete morons. Schiller curses at us about innovation as he unveils a product that's still in development. That's all he's got? It appears more and more likely that Apple will not release a product of grand significance anytime soon, if ever.

Don't ignore the writing on the wall. Read it. And, if you're angry, direct that emotion to the proper place: Apple, Inc., 1 Infinite Loop, Cupertino, CA 95014.

-- Written by Rocco Pendola in Santa Monica, Calif.

Rocco Pendola is TheStreet's Director of Social Media. Pendola's daily contributions to TheStreet frequently appear on CNBC and at various top online properties, such as Forbes.

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