Didn't Like Apple at $700, Don't Like It Now: Portfolio Manager

When Wall Street and retail investors alike were furiously buying Apple in the spring 2012, one market pro was outspoken in his call for investors to avoid buying the stock. In an interview with CNBC's Gary Kaminsky, the individual who made the call, John Goltermann of Obermeyer Asset Mangement, said he's "still skeptical" of the stock.

"At $450 it looks a little bit better than it did at $650 or $700, but I would probably wait here. I think the pressure on Apple's share price is going to be to the downside, as more portfolio managers are questioning the investment case around Apple," he said.

"What worries me about it is how fickle tech consumers are about the design and capability of products and we don't know what they are going to prefer going forward," he said.

Instead of Apple, Goltermann sees opportunity elsewhere. "We like companies that are tied to improving living standards in emerging markets," he said.

Goltermann recommends Potash for its high-quality asset base, high-quality management, and its potential to generate cash flows for "another 300 or 400 years" as a necessary component of agricultural production.

He also recommends Joy Global, for its exposure to the mining industry, particularly in coal and metals such as gold and copper.

The Bearish April 2012 Call on Apple

In April 2012, when Apple traded in the $620 range, Goltermann sent a note to investors that warned of the company's unimpressive pipeline and came on CNBC to talk about it. (Watch the video here.)

"It's not clear to us how long it will be able to keep its edge in terms of technical innovation," he told CNBC in April. At the time, Goltermann was bucking the trend and did not own Apple shares. He called the company "too difficult to own," because the household penetration of Apple products make it difficult to get similar incremental growth of previous quarters.

— By CNBC's Paul Toscano. Follow him on Twitter and get the latest stories from Squawk on the Street @ToscanoPaul

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