Michael Dell thinks that his company's stock is insanely cheap today -- so he bought about $100 million worth of Dell (NASDAQ:DELL) shares last week. Should you be doing the same?

The company's latest earnings report instantly erased six months of share-price growth, and the stock is around 20% cheaper today than before that stinker. Mike sees a buy-in opportunity, and you have to assume that the guy knows a bit more about his eponymous baby's prospects than the rest of us do. The problem with the latest numbers was shrinking margins, so I'm thinking that Michael is working on that issue as we speak. And in the meantime, he's putting his money where his mouth is.

This is still an official Motley Fool Inside Value pick, though our Stock Advisor team dropped it a month ago, just before that big price fall. Fellow Fool Rich Smith would agree with the Stock Advisor gang, as he thinks that Dell stock remains pricey even at today's new, low valuation.

Me, I think that Michael is on to something here. Apple (NASDAQ:AAPL) may be more exciting, but I see more risk than opportunity in that stock today. Hewlett-Packard (NYSE:HPQ)? Sure, if you're looking for a large-cap anchor to stabilize your portfolio. That company is getting too big and too diversified for the "growth stock" moniker. I'd rather own Dell than either of those two, because I see a balanced blend of value-priced shares and sector-focused opportunity.

It's still not my favorite tech stock by a long shot, because both Google (NASDAQ:GOOG) and VMware (NYSE:VMW) are playing the risk-to-opportunity game even better right now. But if you want some exposure to the computer hardware market without the risks inherent in highfliers like Apple or component makers like AMD (NYSE:AMD), you can do a lot worse than following Michael Dell's lead.

Further Foolishness:

Dell is a Motley Fool Inside Value pick. VMware and Google are Motley Fool Rule Breakers selections. Apple is a Motley Fool Stock Advisor recommendation. Try any of our Foolish newsletters today, free for 30 days.

Fool contributor Anders Bylund owns stock in Google and AMD but holds no position in any of the companies discussed here. You can check out Anders' holdings if you like. Foolish disclosure knows a good deal on sight, and can smell it from three blocks away.