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Dell: Still Not a Buy

|Includes: Dell Inc. (DELL)

In the 1990’s, there weren’t many stocks that outperformed Dell (DELL). It returned close to an unfathomable 100,000% throughout that decade and it was the envy of all other companies. So many Dell employees were getting rich that a new term was coined to descibe them: Dellionaires. Even lower level employees were retiring by cashing in on their soaring stock options. Fast forward to the present day. My, how times have changed.

Today, the company is in disarray and seems to be grasping at straws. It used to be the king of the made-to-order model of selling computers which gave them a huge cost advantage over its competitors, but those days are long gone. Computers have gone from fairly differentiated products to complete commodities these days. Dell has not found a reliable business in which it can dominate like it did with the desktop.

Winner’s Curse?

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