David, It ain't trading, it is asset allocation. <G> That is what people call trading when they think trading is a dirty word.
Seriously, I trade all my option and stock and income positions on a constant basis. Always have. I just do it in a gradual way, using thirds. When a stock is cheap, I buy a third. When it gets cheaper, I buy another third. When it gets really cheap, I buy a last third. When it gets cheaper than that, I turn to cheap booze and fast women and cry a lot. <G> Or is it fast booze and cheap....?
The thing is, I stay on one side of an issue as long as the fundamentals tell me that is the place to be and the valuation agrees. How much I have allocated to that bet is the trading part of the equation. MU at less than $10 would no longer be interesting to me, even though the fundamentals would still be crappy.
No, I would never buy Micron in its current business structure. I think it is a basically lousy company that is very poorly managed and inherently touty. But I do buy lots of chip and chip equipment companies when they are cheap. I have owned the usual suspects over time, such as Texas Instruments, Analog Devices, Intel, Applied Materials, Motorola, etc. The difference is, though I am bearish on those companies at their current bloated prices, I think they are real firms with a plan for the future. I think MU is more of a PR Dept's hype. Others, such as the SRAM, Flash and Graphics Chip firms are often managed by decent folks, but I don't see a future in their future.
So, no, I have never owned MU and am not likely ever to own it. Fluff cos are just not my cup of tea. The same is true for Presstek, Centennial and a number of other firms. Not only do I dislike their businesses, I don't trust their management.
MB
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