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Entercom Communications Corp. Message Board

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  • pjv2xyw9dww4b6 pjv2xyw9dww4b6 Oct 12, 2010 1:40 PM Flag

    So was $9 it ?


    I guess (know?) that I am somewhat of an odd-ball investingwise. My target is resumption of the dividend some year <sigh!>, not some particular price. Just as I own a car because it does something for me (carry me hither and thither about Las Vegas), I own a stock because I anticipate that it will do something for me, not because I think I'll be able to hoodwink some dupe into overpaying for it at some time in the future.

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    • That is the proper perspective - You buy discounted cash flow streams and wait for the market to pay a fair price for them...

      ETM, LEE, GCI, MNI all fit this bill

      media stocks are as cheap as any other stream of cash flow on the planet

      eventually, the world will figure this out and we will get a fair price

      My guess is its near $18

      • 1 Reply to rematter
      • No offense, but the "discounted cash flow" theory is the biggest bunch of theoretical BS that has been perpetrated by the academic community with the possible exception of global warming. Based on the DCF theory, the market must have determined today that ETM's cash flow is going to be slightly less than was expected yesterday. On the contrary, markets move in response to macro events and crowd psychology. When a significant number of people start selling a given stock, the "monkey-see-monkey-do" fear instinct kicks in. Conversely, when the market or a particular stock starts trending higher, the greed instinct kicks in and people start buying. I just cannot believe that they are still teaching (and people still believe) that asinine discounted cash flow theory.

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