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Strategies & Market Trends : Value Investing
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To: Spekulatius who wrote (30582)4/8/2008 11:07:12 AM
From: Jurgis Bekepuris   of 78717
 
BID - I am not sure I agree with the claim of "ballooning balance sheet during the last 12 month". If you look at Yahoo finance.yahoo.com , both cash/receivables and current liabilities are seesawing - high in June/Dec and low in March/Sep quarters. For me this just says that they had to close a quarter immediately after large auctions or something and did not clear the balance sheet. But OK, it may be worth digging deeper, although I am not sure there will be any more definite answers. Let me know if you find something that disagrees with the claim above.

I never considered short position to be indication of anything. Nowadays even more, when every permabear is an oracle and every new shorter is an expert. I can give you couple explanations off the cuff for short position: people think that art market is peaking, people think that worldwide recession will bust art market (this may be true if such recession happens, but I don't see worldwide recession, I see worldwide investor panic, which is a different beast ;)), people think that the Sotheby's realty is a bad business and will implode (if it hasn't already).

But as I said, I welcome different information if you find time to dig into this one. :) Or we can wait for Q1 report and see the situation there. Might not be too late to buy after it. ;)
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