A Legal Beating

Microsoft is a tobacco stock--not. So use its courtroom woes to pick up shares cheap

Microsoft has been a great stock to own for more than a decade. Yet it's always been a tricky one to buy. Early on, it was just another speculative tech stock. As the company came to dominate the PC world, its stock rose so swiftly that it seemed perpetually overvalued. Waiting for a pullback was torture. By the time the stock finally dipped, it had already doubled--again. And you were too late--again.

Now that the stock has tanked 43% from its Dec. 30 high--wiping out $270 billion of shareholder wealth--investors have a rare chance to buy this juggernaut on sale. The...

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