Isn’t it early for silly season?

Apple is not perfect. Just because the company has imperfections, however, is not in of itself a reason to panic. Is it reliant on its top product (the iPhone) for profits? Sure. Couldn’t you levy the same criticism on Coca-Cola? Tesla? Google? If the product you make has a sufficiently durable competitive advantage (“moat”), there’s nothing inherently wrong with a company drawing the bulk of their profits from that product.

That’s why articles like this, seeking to knock the king off its throne, make me smile. I haven’t thought of Apple as a “runaway growth” company in some time. That’s not why I bought it a few years ago, and that’s not why I’ve held the stock ever since. I own Apple stock because it’s absurdly profitable, has excellent management, and has created a strong moat on its most important product(s). Not to mention that we’ve seen this criticism before… and if I wasn’t deterred then, why would I be now?

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