I’ve invested in and out of Apple (AAPL) for 20 years. I have owned every Apple computer ever introduced. (I unfortunately didn’t hold on to my Apple IIe - but I still have my Mac and my 140 laptop - the first true laptop, after that "portable" dog they introduced around 1989.)

I bought Apple before Jobs' return in 1997, when it hovered around $7; I relished the messiah's triumphant return. So when I speak about Apple, I speak with a passionate respect for a company that’s truly revolutionized the media and computer market. And I speak from the perspective of someone who has benefited from Jobs’ management and vision.

So 10 days ago, when Apple announced that Steve Jobs' weight loss was due to a "hormone imbalance" whose treatment was "simple and straightforward," we in the ‘Ville thought it might make a funny premise for Hoofy & Boo. Now, to be honest, we had a lot of debate about the issue, because the last thing we want to do is make light of someone with a serious illness. Meanness is not the way we do things in the 'Ville.

But we decided to do it. Steve Jobs has come out with health news that, on the surface, sounds like it’s not life threatening - or job(s) threatening, for that matter. So for us to make light of this announcement shouldn't be a big deal. Or is it?

This 'Ville quandary parallels another: Over the past year I faced an investor's dilemma and a crisis of conscience. At MacWorld last year, I saw and read the review and thought, I should short Apple. In the time between that thought and the present day, the stock has lost more than 58% of its value. But I didn't do it. Why? Because I thought, "It's blood money."

What's extremely clear is that Apple has no succession plan. As an ardent Apple fan, what will happen if Steve Jobs, the most iconic CEO in the history of computing (or business, for that matter) is gone? Take a look back at 1994-1997 for a snapshot. While you can’t discount the team he has in place, Jobs makes Apple a "supremium."

First and foremost, I want to see Steve Jobs cancer-free. I wish this for him and his family. However, the reality here is that Steve Jobs came out exactly 10 days ago and said "The remedy for this nutritional problem is relatively simple and straightforward…I will continue as Apple's CEO during my recovery." On that news, the stock went from $90 to $97. Since then the stock is off almost 18%.

It obviously wasn’t so "simple and straightforward." What does this mean for the company? What are the legal ramifications? What does this mean to Apple investors? Did Jobs tell the truth? And where will this company go without him?

Without Steve Jobs, this was a $7 stock. With Steve Jobs, it's been on a steady climb. Where's the succession plan? Can you trust anything they say in the future?

As for my crisis of conscience, I think I made the right decision - just as we made the right decision in running this week's Apple episode.

There are a couple of corporate maxims that Apple ignored in dealing with this issue:

1. Do not let emotion trump sound judgment.

2. As a company, don't say anything until you know everything.

Had I made the choice to short Apple, I would have done well - but I probably wouldn’t have slept well knowing I had blood money flowing through my account. I also won’t lose sleep knowing we took Jobs and Apple at their word.

Hoofy & Boo's take on the first Apple report below.