Dan Pallotta, of Pallotta TeamWorks, and Harvard Business Review contributor (see related articles below), explains why he has a long position on Apple stock.

Short term expectations for Apple are so high that people are hallucinating, they’re missing the big picture. They literally expect Apple to come out with, like a ‘happiness machine’ or a time travel machine… Apple doesn’t have to disrupt at that level to thrive and Apple doesn’t have to innovate every 20 minutes in order to be one of the best investments on the planet.

People are piling on Tim Cook, saying “Oh, he hasn’t introduced a new disruptive product, he hasn’t innovated.” He hasn’t innovated? This is a guy who, in a year, has taken the company through this horrible process of bereavement and refreshed every single product in the lineup. People forget, Steve Jobs didn’t innovate every year. He didn’t come up with some disruptive product every year. You know, it was four years from the time that he retook the reins at Apple until the time that he came up with the iPod. And, when he came up wioth the iPod, everybody says, “Oh, it’s too expensive.” It was six years between the iPod and the iPhone and when he came us with the iPhone, everybody said, “Well, that’s not a disruption… it’s too expensive.” Then another four years, until he comes up with the iPad and then when everybody sees that, they say “Oh, that’s not a disruption, that’s just a bigger iPhone.”

So, what people don’t understand is that Apple takes the time to get things right and that is the disruption. – Dan Pallotta, Pallotta TeamWorks

Direct link to video here.

Related articles:
Apple’s crybaby critics are intellectually lazy – January 16, 2013
Steve Jobs, the world’s greatest philanthropist – September 2, 2011
Businesspeople: Stop comparing yourself with Steve Jobs – September 17, 2010