In fact, Shugart himself left IBM and transitioned to Memorex in 1972, helping the company deliver the first commercially available read-write floppy disk drive (the Memorex 650). A hallmark of ...

His first recommendation was to sell Memorex at $172 at the very bottom of the 1969-1970 bear market. During the subsequent two-year market rally, Memorex went to $2 a share, thus convincing him ...