We use the phrase "they don't get it" far too often, but I have to admit that when I see the way investors, analysts, and pundits view Apple, I honestly do believe that they truly don't understand Apple at all.
This is not new. People didn't understand Apple back in the 80's either. The difference then was that Apple fell from grace and the critics were quick to say "I told you so". Apple doesn't conform to the norms? Well, Apple failed, proof positive that the old guard was right and the radical teachings of Steve Jobs was merely a passing fad.
But what about now? Apple has the largest market cap in the free world. In fact, their market cap exceeds their nearest competitor by hundreds of billions of dollars. Their brand is revered, their products are ubiquitous and their profits are outrageous. By any measure, Apple is not only a success, but they are the epitome of success.
Yet, just as in the 80's, Apple generates nothing but doubt from outside observers. They still think that Apple is "doing it wrong". "Yeah, sure," they say, "Apple may be on top today, but their business model is fatally flawed and Apple is doomed to fail."
One doesn't trust what one doesn't understand. One doesn't understand unless one seeks knowledge. One doesn't seek knowledge when one believes that all the answers are known and that they know all the answers.
Why don't the pundits believe in Apple? Because what Apple is doing is unbelievable. Literally. The pundits are not going to start to understand Apple, to trust Apple, to believe in Apple, until they stop knowing what they already believe and start believing in what Apple already knows.