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Strategies & Market Trends : Value Investing

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To: Graham Osborn who wrote (55423)	6/17/2015 7:56:28 PM
From: Graham Osborn	Read Replies (1) of 78659

Re: QIHU Yeesh. Well I was following this one as a GAAmazingP play. They were on some debt and being perhaps aggressive on CapEx, but I felt the leverage could be easily paid off future cash flow from organic growth. The stock was just tanking. I assumed this was owing to concerns about competition with BIDU and a slow PC-to-mobile transition. I was holding out for a better price. Finally I just started scratching my head at the high short float and starting looking. There were a number of short theses on the stock in 2013-2014 based on calculations that they couldn't possibly be achieving the stated sales based on the number of unique links on their search portal. The 360 website looks like Google in the 90s. I figured someone must know something for the short float to be that high trading 10-15x forward earnings. Then, out of the blue, management takeover bid today. Which leaves me just wondering who was right.

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