At some point in the future, Apple will no longer be the consumer technology giant it is today. It will become obsolete. Its products will no longer be trendy. Other companies will innovate and drive Apple out of markets it had once dominated. It’s inevitable. It might happen in 10 years or it might happen in 100 years, but it will happen. One of the few things we can safely assume, however is that it will not happen in the next 2-3 years — unless you’re Pedro de Noronha, managing partner at Noster Capital.

Apple is getting ready for the biggest holiday quarter in the history of any technology company. It’s about to launch fresh new iPhone 6 handsets with larger displays, and it will then enter a new product category with the iWatch. A new Apple TV will soon attack living rooms around the world. An iWallet solution may finally soon launch and give Apple a massive new revenue stream.

Let’s also not forget that Apple is currently the most valuable public company in the world, and it’s sitting on $170 billion in cash.

But forget all of that… Apple may slip from leader to obsolescence in just 2 short years.

The Loop on Thursday brought our attention to a great little segment on CNBC in which de Noronha explained why he owns plenty of Apple products but no Apple stock. He’s a value investor, he says, and he wants to know where a company is headed in 5 or 10 years. In Apple’s case, however, he thinks the company could become obsolete in the next 2 to 3 years.

The full clip is embedded below.