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Has Apple lost its bite? Why investors should be cautious

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Apple's latest product launch may well be the most important for the firm and its CEO Tim Cook ever. Some analysts are saying that the world has moved on, that Apple is in danger of losing its ground-breaking reputation. Certainly when the first iphone was launched back in 2007 there wasn't the stiff competition from Asian smartphone makers that we see today. 
The Apple pay and Apple watch seem to be the new developments which the firm is banking on. Both help to 'lock in' customers to the Apple infrastructure and with the 'tap pay' system the company is making use of the millions of credit card details it's gathered via itunes. 
Morningstar Equity Analyst Brian Colello assess the latest launch from an investor's point of view and explains why he suggests being cautious.