Clueless at TheStreet.com Monday, May 03, 2004 Thomas K. Brown
"TheStreet.com�s Peter Eavis has been so spectacularly, utterly, and completely wrong on Capital One for so long, it�s hard to chalk up his mistakenness to simple incompetence. There must be something more: even know-nothings will eventually come to the conclusion they don�t know what they�re talking about, and move on.
But not Peter. He keeps blazing away quarter after quarter, year after year, with the same twaddle, even after it�s been shown to be twaddle. And he keeps making stuff up, concocting baseless managements smears�seemingly for the sake of smearing. And the stock just keeps going up!
Why does he keep at it? My guess�and it�s only a guess�is that he�s under orders from David Rocker, the short seller and major shareholder in The Street.com, to keep bashing the stock to help Rocker�s short position. But we may never know that for sure. The Street.com�s backers refuse to disclose their short positions, and Eavis himself, sanctimonious when it comes to disclosure by others, is quick to exempt himself from his own standards.
(For the record, by the way, the investment partnership I run has a large position in Capital One, and I have owned the stock personally since the company came public in 1994.)
In all of his ravings, Eavis fails to include a number of facts that one would think would be relevant to an interested investor. Like, for instance, that Capital One�s earnings have grown at a compound annual rate of 30% since the company came public, and that its stock price has risen at a 31% compound annual rate over that time. Neither has Peter mentioned that Capital One�s performance record over the past decade has ranked among the very elite in corporate America.
No, all Peter sees is doom, gloom, and imaginary unethical business practices. It�s hard to imagine how he could be more wrong.
<<The Street.com�s backers refuse to disclose their short positions, and Eavis himself, sanctimonious when it comes to disclosure by others, is quick to exempt himself from his own standards. >>
We keep hearing this about company after company. The street.com bashing this one or that one without disclosing all the facts or without disclosing ownership *long or short* of the owners of thestreet.com. It is a familiar story that keeps coming up time and time again. Perhaps an idea would be to start collecting an archive of these stories to show just how many companies are being slammed by thestreet. I think it would be interesting just to see how big this picture is. Just how many companies are being manipulated in the same way as we feel NFI is. I doubt we'd ever get the full picture, but I'm betting it is bigger than we even begin to imagine. Bet some news hound somewhere would love a story about how thestreet bashes again and again and again, company after company, without disclosing all the facts, and then claims..."well, thats just our interpetation of the facts, and no, we won't tell you that our boss is playing short."
I'm "talking" to Scottrade about running any ads on The St. in light of Greenberg's and Brown's incessant lop-sided "reporting" and non-disclosure of positions of themselves and owners in NFI and Capital One. We have 4 accounts and have reco'd them to many.
this stock that is worth 60 dollars is selling for 33 and now it seems that people are finally catching on. they might throw a million shares at it to contain it, but at this point i think somebody would just buy them up