Try as we might, the timing of our stock purchases isn’t always the best. Case in point was our addition of Hewlett-Packard (HPQ) to The Complete Investor Growth Portfolio last October. We added the stock just as the market was embarking on another downleg in the worst bear market in most investors’ lifetime. But while the market’s outlook plays a role in our stock selections, every bit as important, if not more so, is a given company’s long-term prospects and its stock valuation.

Since our initial recommendation, Hewlett-Packard has only slightly outperformed the overall market. But while this is somewhat of a disappointment, our view of the company is in no way diminished. In fact, we like it every bit as much today as we did eight months ago.

Along with Intel (INTC) and Apple (AAPL), also in the Growth Portfolio, Hewlett is one of the few true franchises in the technology space. The company is frequently pigeonholed as being just another computer company. But HPQ is much deeper than that.Read more...