Stern: re: CCN. Yes, I bought 10/07/97 based on Mike Burry's analysis.
Value investors often have to suffer. And this stock was one that tests a lot of us. A mental fight within me certainly. Over Siegel, a great manager, and Siegel in 1997,1998, 1999- a manager who looks like he got old and lost it. Milking the co? Doing apparently nothing while his 5th (or is it 6th?) rated network flounders. Yes the value is/was there. But having to fight against the mental state of "dead money" , "dead money", "dead money". Even though I think people who deride stocks by terming them "dead money" are newbies, I can get impatient too. Especially if I had this stock in a concentrated portfolio. And for this dull stock - even a person like me who wrongly tends to hold way too long to too many losers-- I cannot count the number of times I thought of selling my small position as "better" opportunities presented themselves.
Here's where I said to Wallace Rivers, 6/19/98, that I didn't think I could recommend the stock unless there was a galvanizing event:
Message 4942925.
Which we may be getting now. Which I never foresaw.
Oh well,I still have my small position. And the game ain't over yet. (Stock could still drop too)
Paul Senior |
