I'm an investor and I trust in Apple. 10-20 new products a year? Are you insane? That's never been Apple's approach. Apple is secretly working on many products, but only one of them will reach market. The Apple Watch is a new product and it has largely been successful. The issue is that critics like you believe that in order for Apple to stay relevant, they need a new product as successful as the iPhone. I don't think that's true and the market agrees. Apple has expanded their non iPhone products/services quite a bit and their non iPhone revenue is larger than all of Google's revenue.
Apple has the stickiest ecosystems out there and with every passing year it becomes stronger and stronger. At this time, I don't see any other tech company overtaking Apple's business. Apple will stay profitable for a very long time.
Thanks for your sincere concern about my sanity, I am considered to be quite well, generally.
"It has never been Apple's approach" => No, and Apple has never been the size it currently has, and never been so big and slow either.
It has become a sleeping mammoth, performing well on merely a single product, but average on the rest of its product line, where it has merely lamenting on. Given its unlimited resources, huge R&D investments and gigantic size, its performance is subpar at best when it comes to new products (AppleWatch, MBP, Airpods/Dental-floss box...)
Compare with car manufacturers that are a fraction of its size but launching 5, 10 or more new models (of far more complexity) year over year.
AppleWatch is getting better but not nearly at the level of their success-stories.
Wealth and financial leadership are imminent, but also have become their greatest enemy right now.
It has forced them into a defensive/incumbent position and stalled ambition to make new, revolutionary products. Thus alienated them from their original mission, which is exactly what SJ warned about.
Look at the product catalogue - how stationary it has become.
Look at the latest iPad, a 4/5 year old design that denies every form of inspiration/innovation.
It is supposed to attack the mid-segment in the tablet market (did you say "never been Apple's approach" ?), but its limited price cut shows that Apple doesn't know or want to compete there.
Disruptive innovation (launching new products, initially cannibalizing existing products) has become the opposite of what they want: to keep marketshare, to remain leader, to not disturb current business. Move up the premium laddder, rebranding existing stuff as Pro (adding some gimmicks to justify price increases)
AppleWatch is subject to a worrisome refreshing/mehpgrading cycle already...
So insane budgets, massive R&D, but hardly real incentives to use them. Thousands of patents, but mostly defensive, keeping them in reserve to prevent the competion to innovate. Introducing very few new products and designs.
So looking at financial metrics, you are right to say they perform well (not to say superbly) currently.
But on other metrics (that may or may not interest you), sadly NOT.