I made a case for Boise, Idaho–based chip maker Micron Technology in April 2014. For a while I looked brilliant: The stock went vertical from $22, peaking at $36. Nine months later its price halved, giving me two opportunities: Buy more Micron, and write more about it.
I am about to write a quarterly letter to clients, telling them that despite all the giddiness in the stock market, we are in Value Investor Second Hell. This is not the first hell; that one is reserved for value traps — stocks that look cheap based on past earnings but whose earnings are about […]