L L PoH: thoughts for our holiday celebrating labor
Life liberty and the pursuit of happiness.
In the movies Wall Street and Other People's Money, Gordon Gekko and Larry
the Liquidator pursued profit for greed and greed only.
They created nothing, built nothing (can't remember the rest of Gregory Peck's speech).
See, one doesn't remember the good guys, "Jorgy" Jorgenson who presided over New
England Wire & Cable with lots of assets and a stagnant business.
Short sellers attack situations where overvaluation is presumed. In many instances
the (over)valuation IS due to (ir)rational exurberance, the tendency of the street to look
forward to earnings, and buy-ins (squeezes and margin calls from established shorts).
TRBD was attacked in June, obliquely, by the Business Week article for no reason other
than it's recent share price increase.
Unfortunately, when the professional short machine got really pinched, out come half-truths
and innuendoes. A lot of money was lost and made...
and will be lost and made as the situation unfolds. If it should be ultimately proved that
TRBD's products are valuable, that the company is profitable,
that TRBD is not a fraudulent pump & dump,
will anyone hold Asensio & the canine pack accountable for yelling "smoke", &
for lying to produce personal profits at others' expense?
You can't yell "fire!" in a theater, but you evidently can threaten the life of a company
and its shareholders' value, poison it's reputation in the professional community, etc. by shaking
the tree and seeing how much fruit will fall.
I believe it's wrong, but I guess it's the American way. Profit without honor, and with
every success, the greater the likelihood that the next target will be victimized.
I apologize for rambling, mixed metaphors et.al. and welcome comments
from longs and shorts.
MikeC
Offtopic: Listen to the ABTE conference call sponsored by Kaufman Brothers at
888 891-8834. I took a position yesterday and expect to profit from the irrational
over-reaction. The call lasts an hour or so and is quite educational. |
