Headlines abound touting the death of the personal computer (PC). Just this past July, it was widely reported that personal computer shipments in the second quarter declined 11% globally, the fifth straight quarter of declines and the worst downturn since the advent of the PC. Is the PC dead? No. Should I be selling all my PC-related stocks? Probably not. In order to analyze why one might want to hold onto PC-related stocks (in spite of the PC's journalistic obituary), let's examine the life cycle of a company and how this concept informs our investment decisions.