NEW YORK (TheStreet) -- I take equal amounts of heat from tortured Sirius XM (SIRI) bulls and investors who would not understand what a perpetual startup is if Steve Jobs stood in front of them and explained.These folks chide me because I have been purchasing shares of Pandora ( P) since last year at prices between $8 and $15 apiece. And, barring an unforeseen and wholesale change to the company's long-term narrative on earnings next week, I will continue to buy Pandora at any price. Using Tuesday's closing price of $10.83, P is up 38.3% since posting a 52-week low of $7.83 intraday on April 18. Pick a peer, any peer and Pandora has outperformed it over that time frame. For example, SIRI is down 10.4% since its April 18 intraday low. Even Apple ( AAPL) is off by a scary 8.2%.
Perpetual Start-UpSteve Jobs ran Apple as a perpetual startup. Canadian thinker and marketer Mitch Joel relays words that provide a nice working meaning of the term:
It's hard for people who have traditionally had a job to think like an entrepreneur, but it's more critical than ever. I often tell people that an entrepreneur is someone who is trying to create the future that doesn't yet exist, while a businessperson is someone who is trying to mitigate risk and minimize mistakes.Steve Jobs was an entrepreneur. It even said so on his death certificate. Mel Karmazin is a businessperson. And that's exactly how he should and will be remembered. Make no mistake about it. Pandora co-founder and Chief Strategy Officer Tim Westergren is an entrepreneur. I am tough on Sirius XM, in part, because there's so much potential there, particularly with a talent like Howard Stern under contract. But, in the absence of any forward-looking vision or meaningful marketing activities, I am not sure if anyone can salvage anything from the slow-growth wreckage Karmazin prepares to leave behind.
Our culture emphasizes rapid innovation and prioritizes user engagement over short-term financial results.Another Facebook risk -- that revenue will suffer as usage goes mobile and the company works to monetize it -- applies to Pandora as well. Let the bears stay away from companies like Facebook and Pandora. Let them get short. It might make for a nice swing trade from time to time, but it will fail miserably as a long-term investment philosophy. Specific to Pandora, please allow me to methodically spell out the confluence of factors that makes me so bullish as to buy the company's stock at any price: