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No. of Recommendations: 2
INTRO Here's my semi-annual exercise to see if I remember why I own the stocks I own, and so I can check back and see if their stories have changed. I post in case it helps others too.

MicroVision
MVIS (market cap was $0.077B EOY14 is $0.145B mid 2015)
MicroVision is an electronics components manufacturer that bases its products on a MEMS mirror technology, a mirror built into a chip that can oscillate precisely and quickly enough to capture and display images. They are mostly known for their work in pico-projectors, though the technology can also work in reverse as a camera. Early products included the Nomad (a hat or helmet mounted monochrome head up display), the Flic/ROV (a bar code scanner), and the ShowWX (a stand-alone DVD quality projector that was about the size of a smartphone.) The company has hopefully gotten beyond its history that included questionable management; has conquered significant technological, technical, logistical, and manufacturing issues; and has navigated difficult finances because of tight lending markets, disrupted supply chains, and prolonged secret negotiations. Within the first half of 2015, the company has proved that it has moved into a new phase where products are being developed, manufactured, and sold without requiring significant resources. Celluon has launched the PicoAir, and the PicoPro; both of which bear some resemblance to the ShowWX, but with higher quality and greater features. Sony is expected to announce products soon, as are several other companies that are working in secret. This shift was enabled by a shift in the business model from internal production, to licensing and royalties to external customers.

The market potential for MicroVision is hard to properly evaluate because the market is unknown. The best analogy, according to management, is the embedded cameras in cell phones, laptops, et al. If so, then the market potential easily reaches into the hundreds of millions of units. Because the market is so new, however, there is also the possibility that the feature may not acquire sufficient consumer appeal. The more optimistic potential is that innovative displays will change the electronics industry at a scale similar to the shift from desktops to laptops, and from laptops to smartphones. One application could be a smartphone with a projector out the front for a virtual keyboard, and a projector out the back for the display. The total weight and size of the smartphone can dramatically decrease. Because there is so much room for speculation about the market there is much room for speculation about the company's and stock's value.

To me, MicroVision reached a new level with the recent product announcements and contractual agreements. Until this year, I've always considered MicroVision a company that could become very successful or go bankrupt anytime. Now, they have sufficient backlog and cash that the likelihood of bankruptcy is greatly diminished. The downside risk has been decreased. The upside remains as positive as ever, and maybe greater.

I continue to hold, continue to be frustrated with the lack of stock appreciation, and am more optimistic while wondering how long the secrecy will last. One sign of my optimism is that, despite my restricted finances, I bought a bit more after the annual stockholders meeting.

DISCLOSURE LTBH since 1999 (though the very first shares are gone), and my patience is gone, yet my perseverance and majority of shares remain. I have more than enough if the company finally succeeds and the stock reaches the heights I think are possible. I may buy and have bought more simply because the stock is so cheap (in my opinion). I've included a longer description of the company on my blog. https://trimbathcreative.wordpress.com/2015/05/23/retelling-...
(I've also collected links to the other discussion boards and my other stocks over on my blog http://trimbathcreative.wordpress.com/2015/06/30/semi-annual...)
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