We've chided Piper Jaffray's well-known resident Apple analyst Gene Munster for his repeated predictions of a standalone Apple television set being just around the corner. However, this time we're giving Munster credit for trying to deflate the hype balloon which has taken Apple stock and consumers for a ride fueled by unreal expectations. The analyst is just the latest Wall Street figure hoping to inject reality into a belief that the Cupertino, Calif. iPhone maker was immune to the vagaries of mortal businesses - such as down periods.
In a note to his clients, Munster walked a fine line, laying out some uncomfortable numbers for a company that hasn't reported negative figures in a decade. Along the way, he also tested the waters of delayed gratification during a time investors appear more like strung-out addicts accustom to quarter after quarter of mind-blowing revenue from Apple...