Doug Kass doesn't pull any punches in making a bear case for Apple (AAPL +0.9%). The iPhone 5 "feels like a toy," Kass writes, while claiming Steve Jobs would have never "let it go out the door like that." With Jobs gone, Apple risks "losing that magical Walt Disney feeling," he adds. Kass, who shorted Apple in winter (that hasn't worked out well), also believes Apple is "losing mojo and mindshare" to Samsung, and predicts his fears might start to be realized after the December quarter.
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