MB:
Every once in a while, this mania gets to me. Usually I can take its stupidities in stride but the current rise in MU has me wondering if I "just don't get it" and need to self admit to a local asylum.
Here is a company that lives and dies with the memory chip cycle, yet as memory prices emulate stuka dive bombers, this crazy stock actually moves up. 64 Mbit chips, which soared in price to over $15. are once again smashing through $4. So what?
Never mind the debt, never mind the unpaid interest, never mind the competition which is well ahead, never mind the large inventories, never mind the Lehigh plant which is still an un-amortized white elephant, never mind the TXN plants which are soaking up dough and which do little other than add to an already massive over-supply, never mind that the main market for memory chips, the PC market, is wracked by price wars, all is well, because the analysts told us so.
If anyone requires evidence as to the intellect of the herd, this stock provides a clear answer.
Best, Earlie |
