Much as I may complain about Microsemi (MSCC) being a frustrating stock to own, not a lot of that frustration has to do with management. In fact, this management team pretty much does what it says it will. A few years back, management said they'd make use of their balance sheet to do deals and bring new products, technologies, and markets into the mix, and they did so.
Since then, management said they'd be zeroing in on operating improvements, and while the margin trajectory hasn't been a straight line, the numbers are getting better. At the same time, the company continues to look for opportunities to leverage technology and customer relationships to deepen its moat. All told,...
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