So many posters have been saying how overvalued WYNN is, and using that reason for shorting. And you frequently hear someone say to buy a stock because it is undervalued. Well, it's pretty clear that is a very narrow way to view buy/sell decisions, as recent WYNN events demonstrate.
Another line has been "never underestimate Steve Wynn". Actually, that may not be far off the mark.
Any other lessons learned? For me, personally, it's to pay closer attention to the details, and do a better job of evaluating which of those details are most important. If I had done that I think I might have anticipated what happened, instead of sitting on the sidelines taking no action. In other words, I didn't do my homework (or enough of it). All you guys posting how overvalued WYNN is kept me out.
Who knows, you may be right. But that wasn't my point. Many of us (especially shorts) missed a big opportunity to make a fortune last week by not paying closer attention to the details about Wynn's option to sell a concession. Everything has just changed, so we have a new opportunity to reevaluate the situation. Personally, I don't want to make two mistakes in a row.