Micron Technology, Inc.
Thesis
The investor discussed owning Micron, noting that despite its significant price drop from $36 to $15, they had previously seen potential in the stock due to a reduction in competition in the memory chip market.
Did it work?
worked
confidence: high
The long thesis on Micron, premised on reduced competition in the memory chip market improving the industry's economics, played out emphatically: the stock returned +6119.1% since the pitch. A gain of that magnitude decisively validates the bullish consolidation thesis regardless of the unknown elapsed time, as it far exceeds any reasonable interim noise for a multi-year horizon. The competitive-structure catalyst the investor identified clearly materialized in the share price.