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Technology Stocks : Micron Only Forum -- Ignore unavailable to you. Want to Upgrade?

To: John Graybill who wrote (46880)	6/29/1999 8:38:00 PM
From: phbolton	Read Replies (1) \| Respond to of 53903

"In dollar terms, my worst investment was purchasing shares of Micron Technologies (NYSE: MU) in the fall of 1995 shortly after Windows 95 came out. There were a few reasons that I decided to buy Micron at that time. One was that I thought that as Windows 95 became more widely accepted, PC users would want more and more RAM for their PCs. Another was that I purchased the stock in the low 60s on its way down from the 90s. The final reason was that Jeffrey Vinik, the infamous former manager of the Fidelity Magellan Fund, had been talking up the stock out of one side of his mouth while, out of the other, he was selling shares owned in the Magellan Fund. Notice that none of the reasons I mentioned for purchasing this stock related to studying its financial statements or understanding its business. I figured I had three good reasons to buy the stock, and the rest of that stuff was too time consuming to really matter. Micron made it above my purchase price for about 2 days after I bought it. I don't believe that it's ever been back above that level again. It actually fell all the way down to around $15 per share during the time that I held it. I sold it at the end of 1996 at a loss of a little more than 50% of my original purchase price. This was actually a key event in my investing career. I determined that it would be the last time that I purchased a stock without doing the appropriate due diligence. Right around that time I found the Fool's website, too." fool.com