It has become apparent to my colleagues and I that Apple Inc. (NASDAQ: AAPL) is perhaps the most popular company to write about and should you have the slightest question about its products, service, or stock price you are bound to get a few flaming comments from the Apple faithful.

The stock is slightly up from last month when I posted Chasing Value: Apple -- two rights and one wrong closing at $160.18 Friday.

However, this is down about 20% from its high of $202.96, so it is under performing the market by about 5%. No big deal for a stock with a beta of 2.36. Actually, a few of the faithful probably made some good money buying when Apple was down earlier in the year, under $120.

This is one company that people are in love with and that is where some caution is warranted. Just like you might overlook a friend or loved ones idiosyncrasies you might have a tendency to do the same with this stock. Discipline (and perhaps some luck) is required by successful investors and the feedback we get is that some Apple investors have been blinded by the light.

There will come a day when the blockbuster products and features disappoint.

Apple's forward looking P/E of 28 has come down some with the stock price as earnings growth continues, even if Apple says that might slow too. On that I say -- who knows? It has been accused of downplaying its future earnings just to have us marvel at the upside after reporting. We shall have to wait and see.

It has been about six weeks since the 3G iPhone found its way into my 15-year-old's growing hands and he loves it (but owns no stock). All of the features advertised have met his expectations, but, and it is a big but, the battery charge does not last very long unless you consciously conserve by using less of the features.

Perhaps someone can enlighten me and other readers as to why Apple cannot make a removable battery that users can replace themselves. Apple would make more money by selling back-ups that iPhone owners could swap out themselves extending the usefullness of the phone. I carry an extra battery for my phone. If Apple did this I think even a few more people would use it for business.

Sheldon Liber is the CEO of a small private investment company and the principal for design and research at an architecture & planning firm. He writes the columns Chasing Value and Serious Money. Disclosure: I do not own shares of AAPL.

Are you in love with Apple? originally appeared on BloggingStocks on Mon, 08 Sep 2008 11:00:00 EST. Please see our terms for use of feeds.