I agree completely, Eric. I followed that same logic 1 1/2 years ago with EGRP (E*Trade)--I bought a bunch of shares at $6.25 (split-adjusted), the same exact price that Softbank had purchased it earlier that year. The stock had bounced around a fair amount, but I figured that Softbank knew more than I did (a hell of a lot more, actually...) since they were one of the first institutions to buy Yahoo, and in five months the stock had soared to $72.
Alas, I didn't take any money off the table, and it's drifted back to $26 along with the other online brokers. I'm a true believer, however (just like WAVX), and I'm content to wait for a long time in the future for it to rise to its true (as I see it) valuation.
I feel the same way about WAVX and the $122 million PP, even more so, actually, as we're into WAVX at a time where the company has no revenues, isn't even close to what--if it matures--will be. If the $122 million investment was well-placed--and I'm betting it is--it's $39 valuation this morning is barely an appetizer for the main course that awaits us. Paradoxically, I hope the stock drifts down to the low 30s (I don't see it going much lower than that); I have one final purchase left in me, using the PP as my guide... |
