Apple Investors' Delusion Sets In

A mini-iPad might sell, but it kicks off a dangerous trend. It introduces the marketplace and the corporate world to an Apple that responds to what others are doing. An Apple that no longer sets style, but gives the masses too much power.

Apple bulls must, at the very least, acknowledge that if Tim Cook continues the trend of reacting as opposed to acting (e.g., dividend/buyback, mini-iPad and $799 MacBook Air likelihood), the glory days will fade fast. While the pullback in Apple stock might represent a buying opportunity today, it could just as easily become dead money if Cook continues to erode the culture only Steve Jobs could have instilled and maintained at Apple.

I'm not a Tim Cook hater. It's just recognition of a reality that a considerable faction of increasingly delusional Apple bulls refuse to face.

At the time of publication, the author does not own a position in any of the stocks mentioned in this article.