Sony Corp (ADR) (NYSE:SNE) is making headlines and, finally, for all the right reasons. After years of fruitless turnaround strategies and absorbing fierce competition from Apple Inc. (NASDAQ:AAPL) and Samsung Electronics (OTCMKTS:SSNLF), SNE stock actually looks like a bonafide contender. So far in 2017, shares are up an astonishing 71%. But with so much enthusiasm already priced in, is SNE still a buy?

Before I dissect Sony, I need to make a critical disclaimer. Not only do I own SNE stock, but I used to work there for nearly eight years. Essentially, I spent my core, formative years at Sony — for better or for worse.

The biggest accomplishments in my professional career, including leading a multimillion-dollar dispute resolution and presenting global supply chain initiatives at Tokyo headquarters, would not have been possible without Sony employing me.

Am I biased about analyzing the runup in the SNE stock price? Heck yes, I’m biased. Who wouldn’t be in my situation?

At the same time, as a Sony employee, I saw many frustrating developments and protocols imposed for impositions’ sake. Fellow workers and I bitterly complained (privately, of course) about management’s direction. As you might imagine, not all of my experiences working for one of Japan Inc.’s flagship companies were pleasant.

Nevertheless, when nobody was talking about the SNE stock price in positive terms, I was a buyer. I steadily bought in, even when shares briefly dipped into single-digit territory. In my view, the company was extremely undervalued at 10 bucks a share. And while we saw a near-five fold increase since those dreadful times, I’m still not convinced we’re near the end.

The Consumer Electronics Cycle Is Fickle

Although we would need more data to establish this trend, consumer electronic cycles typically last between 10 to 20 years. For instance, the eight-track tape was introduced in the early 1960s, but was phased out by 1980. During the late 70s to early 80s, a new format — the cassette tape — rocked the world.

Coincidentally, Sony’s iconic Walkman first rolled off the distribution line on July 1, 1979. The Walkman was a resounding success from the second it hit store shelves. This was the first time people could easily take their music privately with them during their daily routines. Not surprisingly, this was also the time when no one questioned the meteoric rise of the SNE stock price.

But as fate would have it, the Walkman would also have approximately a 20-year run. In the early 2000s, Apple introduced the iPod and sealed Sony’s fate. From there, Apple parlayed its momentum into other innovative products, such as the iPad and the ubiquitous iPhone.

However, as 2018 fast approaches, Apple is due to hit the 20-year cycle. Mounting evidence doesn’t provide much confidence that this time, it’s different. For example, all smartphone manufacturers will eventually have to deal with peak smartphone and AAPL’s iPad sales are flat to declining.

Without Steve Jobs, Apple appears to have lost its creative impetus — which provides Sony management an opportunity to return greater value to SNE stock investors.

Sony Is Finally Listening to Its Customers

Several years ago, I worked for Sony’s Alpha digital-SLR camera division. The consumer tech firm’s foray into digital cameras was an aggressive one. For the consumer and “prosumer” (advanced enthusiast) markets, Nikon Corp (ADR) (OTCMKTS:NINOY) and Canon Inc (ADR) (NYSE:CAJ) owned all.

Fortunately, in the early stages, we didn’t have delusions of grandeur. Our objective was to pester Nikon and Canon — and we were successful. But as upper management invested more and more dollars into the sector, we needed to be more than just white-collar trolls.

I personally felt that, throughout the Alpha division’s journey, we made unnecessary and costly mistakes. One of them was the decision not to incorporate video-capture capabilities into our initial camera models. The reasoning at the time was that digital-SLR consumers took pictures, not video.

Big mistake. Consumers loved having the option to take video, even if they never or rarely used it.

Today, Sony makes the best consumer-level cameras in the world, in my humble opinion. The company is finally listening to its customers and delivering what they want, not what management wants. It’s simple, but much-needed details like this is what will continue to support the SNE stock price.

SNE Stock Getting Back to Its Japanese Roots

Japanese culture, and Asian cultures in general, have a peculiar obsession with “whiteness.” This has led to the strange assumption that “magic westerners” can jump-start Japanese companies from their economic funk. But as the disastrously ineffective leadership of former CEO Howard Stringer proved, westerners are just as capable of sinking ships as any other demographic.

From my perspective, because Japanese culture is so unique compared to our laissez-faire attitudes, western leadership doesn’t work for Sony. That’s why I was particularly glad when Kazuo Hirai took over the helm. Hirai has an approachable, even affable, personality, but his inner core is as tough as nails. He’s the ultimate Japanese salaryman.

Clearly, when you look at the explosiveness of SNE stock recently, Hirai’s long-term vision has paid massive dividends. Sony is more focused, more determined and will likely catch some industrial tailwinds in the form of weakened competition.

Some are inclined to abandon the firm based on the SNE stock price. I, however biased I may be, think the party is just getting started.

Josh Enomoto is long SNE.