I not only believe it, but I've been predicting this for many years. This reinforces the age-old adage not to put your retirement money into your employer's stock. A maximum of 10% is the recommended limit. If the company subsidizes purchase of the company's stock in 401-K plans, take the stock and sell it as soon as possible. Don't get greedy!!! Sell it and put the money into a diversified investment like a good, NO-LOAD (underline NO LOAD) mutual fund that fits your risk-tolerance. Think about Enron, Worldcom, Lehman, and a host of other "great" companies that have gone bust in recent years. Think about General Motors and AMR (parent company of American Airlines), Kodak and others that have used bankruptcy to wipe out shareholders. These were not fly-by-night companies. Don't forget Bethlehem Steel in that group. These were all once considered to be the bluest of the blue-chip companies. PBI is a P.O.S. by comparison!
I sold every PB share I had at $44 many years ago.....at that time I was worried it was the right decision.....now I know it was the best decision. I have never bought another share and won't. I watch this company because we have a history. I love what we were....not what they became.....Great companines are lead by GREAT Visionaries.....this company lost it's vision.....and lost it's value. Volly will NOT save it. Everyone can buy, sell, short, whatever they want to make money or lose money for that matter.....but this is a very SAD story. A Great company, started by GREAT visionaries that were NOT afraid to take chances to make a difference.....the current lack of vision that fears change and hold onto old technology afraid of a short set back. Keep in mine, even the BEST stops to make adjustments and experiences short set backs before leaping forward to perfection! Tiger Woods is constantly adjusting his swing, even while at the TOP of his game. You can NEVER be too safe. Good bye Mr. Pitney, Good by Mr. Bowes
PanAm, GM, Riteaid, Xerox and lately, Chesapeke. Not all are bankrupt but the employee shareholders did a lot worse than the executive shareholders. Somehow their compensation and sevrence packages made up for their stock losses.