Frank/Gary...
I bought OSI three+ years ago, averaging $18. Sold most of my holdings at 12 and change a year ago or so. Since you two were commenting on feelings from the annual meeting, I thought I'd tell you mine, but not from this year's, the one two years ago (the stock was at around 18 or so at the time).
I live in the area as I presume you do, and know several people at OSI. One of my neighbors (employee) did very well on their IPO.
So I went to the meeting, and sat up front. This was when the ex-RBOC guy was President (I have mercifully forgotten his name). After the founders, Dick and Tom, were introduced, Dick came down and sat next to me.
I have known two other centimillionaires, and know they are mostly regular guys. So I thought I'd at least say hello. We ended up having little talks throughout the meeting. He asked my about my business (software too) and so on. He told me alot about their strategy, and what his role had become.
Since we were getting on so well, I decided to ask him the REAL question I wanted to ask: "how does it feel to wake up the morning after the IPO and be worth 400 million dollars?"
[here's the punch line] He responded "not enough." He explained that their technology and company was so good that they should have gotten much more!
While I certainly hope to be well off in my lifetime, I don't aspire to the Forbes 400 level. I felt that his response was pure hubris.
As the stock price plummeted and the company continues to go in circles, I have often thought back to our conversation. Confidence is one thing, arrogance another. I don't think he'll be making it into the Forbes 400.
Frank, based on your posts here you believe in the company. I for one am glad I am mostly out. I kept enough shares that when OSII hits $100 I'll have my money back!
Best of luck in your investing. Bob. |
