You could make the argument that the last truly new product Apple has released is the iPad ... 6 years ago.
Yes, the Apple Watch hurts my argument. But I would note the watch does not work without an iPhone, thus the pool of potential buyers is essentially limited to existing Apple customers, (unless you go all-in and get both). The battery lasting only one day is also a big negative, at least for me.
There have been new phones with bigger screens, faster processors and some camera tricks, but those are part of a somewhat natural evolution of an existing set of products.
The Apple TV box has shrunk from the 1st generation and added more apps, but again, it's essentially the same product.
My 4 year old MacBook Pro works just fine and I have no reason to upgrade anytime in the near future.
And as I've noted on the show a few times, last year I *downgraded* from an iPhone 6 back to the iPhone 5 because the 5 was cheaper, (I buy the full priced unlocked phone), and seemed more sturdy.
None of this is to knock Apple. I have been an Apple fanatic since my dad bought us an Apple II+ back in the early 80s and I am the guy buying every new product as soon as it comes out.
The problem is that Apple hasn't had any of those hot new products for me to buy for a few years now, and that needs to change for Apple stock to truly turn around.