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  • johnnyrasmondi johnnyrasmondi Sep 3, 2013 1:13 PM Flag

    Why is this so cheap?

    If you look at the other internet companies in the retail area they are all trading at crazy multiples. Even Groupon, which is kind of a 2nd tier site, trades at like 4 times higher valuation than OSTK. Is it because Patrick Byrne is suing every brokerage firm out there?

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    • I do not agree that it is discounted because of the lawsuits. That is a really old chestnut. And, as well - if the last few months are any indication - he might just win something from them. I think the discount is from total distrust of the management team and their ability to keep this positive cycle going - and that is directly because of past results and Delta Bravo moves employed by several key members of the management team. So, while $1.2 plus billion in revenue may be making the balance sheet look cheap - and that is one of the reasons why I build the long position I have - we all know the past has a way of influencing the future. Time and positive results will thankfully wash some - and not all - of that away. Time is a great healer. And that - especially that - is another reason why I am now long and not short. Don't get me wrong - Dr. Gas Can is still doing crazy stuff - read deepcrapture - that stuff is whack - it's just that now he has people who can actually run the business for him in place.

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