????一位長期看好蘋果（Apple）的人士現在好像沒那么看好蘋果了。

????日前在美國科羅拉多州阿斯彭的《財富》雜志（Fortune）科技頭腦風暴大會上，對沖基金Coatue Management經理菲利普?拉方特被問到有關蘋果公司前景時，他的回答充其量也只能算是不冷不熱。截至3月末，蘋果股票在這家資產規模79億美元的基金持倉中占比6.71%，排第五位。

????幾個月前，拉方特還在對彭博電視（Bloomberg TV）說，無論從什么標準來看，蘋果的股價都很便宜。

????但此次在科技頭腦風暴大會上被問到蘋果是否有光明前景時，拉方特說：“這只股票的價格反映出很大的不確定性，不知道這家公司最好的日子是否已經過去。”他指出，發達國家的平板電腦和智能手機市場早已飽和，他很擔憂。另外，蘋果總是堅持在公司內部開發新技術，他不知道將來它還能不能這樣做。“蘋果就像是任何東西都必須自己發明出來，”拉方特說。“這一點真讓我擔心。”

????素有“小虎”之稱的拉方特是老虎基金（Tiger Management）經理朱利安?羅伯遜的門生，他曾表示，投資科技股實際上相當簡單。他努力找出大趨勢，然后進行押注。當前他看好的一大主題是家庭數據容量的增長。在提供這種大容量的競爭中，“我們認為有線電視公司具有優勢。”由于對LTE服務的需求，他還看好手機基站業務。

????他不看好的領域有哪些呢？他的回答指向蘋果的核心業務。“我們當前不太喜歡的主題是手機和平板電腦的制造業務，”拉方特說。“但內容方面，我們很喜歡。每個人都有一個屏幕，他們希望看到更多的內容。”結論：“內容，移動寬帶，看好。硬件以及任何與電腦相關的業務，不看好。”

????蘋果股東聊可慰藉的是，相比蘋果，現在至少還有一只股票拉方特更不看好。拉方特說：“不管股價多少，我都不會買英特爾（Intel）。”（財富中文網）

????One longtime Apple bull doesn't sound so bullish on Apple now.

????Appearing at Fortune's Brainstorm Tech conference in Aspen, Colo., hedge fund manager Phillippe Laffont of Coatue Management sounded lukewarm at best when asked about Apple's (AAPL) prospects. At the end of March, Apple represented 6.71% of the $7.9 billion fund, good for the fifth largest position.

????A few months ago, Laffont told Bloomberg TV that Apple's stock was cheap by any measure.

????But when asked at Brainstorm Tech whether Apple has a bright future, Laffont said that "the stock reflects great uncertainty about whether the best days are over." The fact that the markets for tablets and smartphones are already saturated in developed markets, he said, concerns him. As well as the fact that Apple has alway been intent on developing new technology in-house -- a luxury that he's not sure the company can afford anymore. "Apple just seems like everything has to be invented there," said Laffont. "That gets me really worried."

????Laffont, known as a "Tiger Cub" because he is a protege of legendary hedge fund manager Julian Robertson of Tiger Management, said that investing in tech is actually pretty simple. He tries to identify big trends and then makes bets on them. One big idea he's betting on now is the ramp-up in data capacity in homes. In the competition to provide that capacity, "we think the cable companies are in a good position." He also likes the phone tower business, because of the demand for LTE service.

????What is he not bullish on? The road leads back to Apple's core business. "The theme we don't like so much is the people that make the phones and tablets," said Laffont. "But content, we love content. Everyone has a screen and they want more content." The bottom line: "Content, mobile broadband, yes. Hardware and anything related to PCs, no."

????Apple shareholders can take solace in the fact that there is at least one stock that Laffont likes less than Apple right now. "I wouldn't buy Intel (INTC) at any price," said Laffont.