Hi Aloha:
You're absolutely right about everything working itself out.
Lots of folks here are just way too concerned about the day-to-day price stuff. Ownership is what matters. Not momentary valuation.
I have a friend (and client) who owns about $100 million in a single large cap tech stock. Ninety days ago she owned about $120 million in that same stock. So she's lost about $20 million in 90 days. She could care less. And the reason that she could care less is not that she still has $100 million. It is instead that she has well-reasoned confidence that the company is a class act and will continue, over time, to command a substantial part of the money that will be made in that part of the tech sector in which it operates. She has had that confidence, and therefore has not sold the stock, for the entire 27 years that she has owned it, having acquired it around 1975 in exchange for an assignment of patent rights. It was worth about $200,000.00 on the date of that closing.
The way I see it is that the Cymer thesis is completely intact. My stock therefore is not for sale. The price last quoted by the market makers is about as relevant to my investment decision as is the name of the song now playing on the radio should I happen to turn it on, which I haven't.
Here's to a great company, with a great product, with great execution, in a momentarily lousy market. Momentarily, mind you, could be six months or so. But still an instant, in the grand scheme of things.
Cheers,
John |
