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homer said:
I want to buy stock but it keeps getting worth less and less so I keep holding out. If they theoretically got bought out by a better company, would I be reimbursed with stock for the better company or would I just be paid off?

Generally it depends.  In some cases, those who own stock in the company may be compensated, with shares in the new company.  If they merge.  If it's a buyout, however you may get nothing. 

I had stock in a company and when the company was sold didn't get any benefit from the sale.  i.e. my shares didn't convert.