Famed value investor Benjamin Graham wrote in his 1949 book "The Intelligent Investor" about the allegorical Mr. Market who oscillates between periods of euphoria and pessimism. Nowhere is this bipolar nature more apparent than with Himax Technologies (NASDAQ:HIMX), which went from unknown and unloved to overhyped, and then back to oversold, all in the space of a year and a half.
Himax closed out 2012 at $2.40, a bargain considering its 2012 earnings per ADS of 30 cents, and dividend of 6.3 cents per ADS. 14 months later, Himax reached a high of $16.15, and 3 months after that, it was back below $7. Quite a wild ride, and yet little changed fundamentally to drive these wild swings...
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