In my experience, an important part of successful value investing is the ability to recognize the common traits of underpriced companies. With TowerJazz (NASDAQ:TSEM) I was fortunate because, not only does it have business relationships with many of the companies I've previously written about, it also has many of their advantages. TowerJazz's new JV is reminiscent of Micron's (NASDAQ:MU) bargain purchase of Elpida which transformed the company and gave it critical mass which allowed it to compete effectively, while its impending tidal wave of EBITDA looks a lot like the situation ChipMOS (NASDAQ:IMOS) went through over the past few years (driven by rapidly filling high fixed cost capacity) which has left it flush with...
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