AGREED. Excellent analysis. BUT: how long will the short squeeze LAST before the fundamentals become "apparent" that the stock is overpriced ?
Go Patrick Byrne! Expose them all. Q: Youâve been rather vocal about your thoughts on Wall Street. What brought this on? A: In some countries⦠the person who has the ability to allocate guaranteed profits demands kickbacks. Itâs the same thing on Wall Street. [Banks] allocate stock to some cronies and sleazy hedge funds. Thatâs the way business is done on Wall Street. Thatâs why Iâm such a fan of the Dutch auction. Some bankers are very honorable, but the system is ripe for abuse. Thatâs why the Google IPO represented a real threat to the system. There are other aspects to it. Thereâs a group of pretty well-organized criminals, and the mastermind is a name your readers would recognize whoâs been to prison before. He organizes bear raids on companies. He works through a group of four to five hedge funds. They reside in [New York City]â¦. The hedge funds have half a dozen reporters on their payroll, and they decide what companies to go after. The hedge funds are hand-puppets run by the mastermind. The reporters are condoms used and discarded by them. Q: Do you think youâre a target? A: I believe Iâve been targeted. At this point, Iâve given up on the idea that the SEC will ever do its job. But Iâll take care of these guys on my own. Q: What will you do? A: Just sit back and watch. I received a call from somebody claiming to be in the SEC, who said I just want you to know you have hundreds of people in the SEC watching you and applauding what youâre doing. I also received an anonymous call a few months ago. The person said that the SEC was investigating me. They have an informal inquiry going on. But Iâm not worried. http://www.redherring.com/Article.aspx?a=13105&hed=Q&A:+Patrick+Byrne
Relative Strength on OSTK has been strong, Friday the market was down big and OSTK was up big, expect the same today, up 3% so far. Sharks smell blood in the water and they are not going to stop most likely til this short float is ripped to pieces.
OSTK has only traded a couple of hundred thousand after an hour. Guess we'll have to wait a while longer for the massive short squeeze. It is up a buck and change, so the Byrniacs must be happy.
Today's In Play 12:21 OSTK Overstock.com: CEO Patrick Byrne acquires 14,500 shares between $46.72-47.24 (44.01 -1.06) 16 Aug 2005 12:16 ET DJ Pres Buys 14,500 Of OVERSTOCK.COM INC >OSTK SOURCE: Form 4 ISSUER: OVERSTOCK.COM INC SYMBOL: OSTK FILER: BYRNE PATRICK M TITLE: President DATE TRANSACTION SHARES PRICE VALUE 8/15/05 Purchase 14,500 $46.88 $679,777 OWNERSHIP: 1,020,272 (Direct) The Form 4 is filed with the Securities and Exchange Commission by insiders to report transactions in their companies' shares. Open market purchases and sales must be reported within two business days of the transaction. Insider Data Source: The Washington Service (info@washingtonservice.com or 301-913-5100) (END) Dow Jones Newswires SOURCE: Form 4 ISSUER: OVERSTOCK.COM INC SYMBOL: OSTK FILER: BYRNE PATRICK M TITLE: President DATE TRANSACTION SHARES PRICE VALUE 8/15/05 Purchase 5,500 $47.28 $260,013 OWNERSHIP: 1,025,772 (Direct) 5,396,865 (Indirect) The Form 4 is filed with the Securities and Exchange Commission by insiders to report transactions in their companies' shares. Open market purchases and sales must be reported within two business days of the transaction. Insider Data Source: The Washington Service (info@washingtonservice.com or 301-913-5100) (END) Dow Jones Newswires