"In a bull market, cream is not the only bovine product that floats to the top," he told CNBC's "Squawk Alley." "We have this issue of people who say things in order to provoke attention and get stories."
McNamee is referring to a respected analyst at KGI Securities who cut his annual shipping estimates for the Apple Watch in half for 2015. On the other hand, Morgan Stanley raised its estimates for both the iPhone and the watch. The firm expects 53 million phones sold in the current quarter, up from a previous estimate of 50 million. Morgan Stanley also raised its estimate on the watch by 20 percent to 36 million sold in the first 12 months.
But really, none of this back and forth matters, said McNamee. "Apple is the iPhone, and that's what really matters," he said. "The watch in my opinion is really important because it brings Apple Pay to a much larger, much more valuable universe."
McNamee said that Apple is by far his largest stock holding although his overall market exposure has decreased of late. He attributes that to what he sees as what is coming to be the end of the bull cycle.
"Apple right now is in a really, really good position," he said. "They're starting new initiatives that we are all paying a tremendous amount of attention to, even though they are not the biggest things relative to the numbers."