Stephen Simpson, CFA
Long only, growth at reasonable price, value, research analyst

The Hurry-Up-And-Wait Continues At Maxwell

Many years spent in the market has taught me to be on guard whenever investors try to promote a story on the basis of technology that they call "disruptive", "world/game-changing" and so on. A quick look at the chart of Maxwell Technologies (NASDAQ:MXWL) can show why - however game-changing ultracapacitor technology may prove to be, these are still very early days for the technology and the stock has chopped back and forth between $5 and $20 for almost 15 years after previously enjoying a roughly three-year run between $20 and $40.

There are plenty of criticisms you can level at Maxwell. The company has failed to keep its nose clean, with a DOJ deferred prosecution agreement over a...

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