We all know how well Apple's (NASDAQ:AAPL) stock price has done over recent years, and how they have had the hippest, coolest, cutting-edge products — basically since the iPod revolutionized the music industry.
Longer-term market watchers will remember that the company almost went out of business a couple of times, but Steve Jobs has seemed to pull a magic product rabbit out of the hat which saved them and/or propelled growth (Macintosh, iPod, iTunes, iPhone, iPad).
There is such an overwhelming love for the company and its products (I'm not one of the true believers), that people are even getting the Apple logo tattooed on themselves:
First, I can't fathom getting a product logo tattooed on yourself permanently, but certainly some others disagree. But for example, suppose you had a Commodore 64 tattoo done in 1984, would that be relevant now?
As a contrarian by nature, the overwhelming love I see for AAPL stock (almost every portfolio manager needs to own it) and its products (consumers camping out for the latest version of a phone) is troubling to me.
I would be cautious on the stock going forward, remember how many of the "hippest" things from the past are now out-of-style relics today.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.