One of the biggest criticisms of Apple (AAPL) during the last six months is that the company has not had any blockbuster new products in the last few years.

The company is expected to launch a smart watch later this year, but the product with the real potential is the long rumored iTV, which is expected to change the future of television. While we have not heard any credible reports as to the timing of an iTV release, it is expected to happen relatively soon, and some of the world's biggest investors are betting on its success.

David Einhorn, who runs hedge fund Greenlight Capital, recently acknowledged that his fund had increased its Apple holdings. During a recent conference call, Einhorn said that it had increased his holdings in Apple, and told investors that now was the time to sit back and wait for its next blockbuster product.

The question I ask myself is whether or not Einhorn would be so excited over the anticipated launch of the iWatch, or if he is really banking on the success of the expected iTV.

In my opinion, I doubt Einhorn is all that excited about the iWatch. Sure it will be a nice product, and will most likely get a positive reception, but I do not see it being the breakthrough product that Einhorn believes is coming Apple's way. I think that the iTV is what Einhorn is really counting on.

With the iTV, Apple has the chance to revolutionize the television industry in the same way it did with smartphones and the iPhone and tablets with the iPad. The iWatch, in my opinion, has little chance of changing the world in any meaningful way.

While Einhorn's increased interest in Apple in no way can be seen as a definite indication that an Apple TV is on the way, I believe it is obvious that he is expecting the company to launch a new television, and probably sooner than later, maybe even within the next year and a half.

Michael Fowlkes is a financial writer who has been with the Fresh Brewed Media family since 2004. Over the course of his tenure with Fresh Brewed Media, he has worn many hats, including portfolio manager, options analyst, and writer. Michael received his undergraduate degree from Virginia Tech in Accounting and got his start in finance working as a stock trader for six years at Chase Investment Counsel in Charlottesville, Va.