shorted 500 ORB @$11.89/sh. on 12/17/03 shorted 500 more ORB @$13.23/sh. on 01/09/04 I am losing money on this 1000-sh. short position.
You are correct that there is risk. Yahoo lists a forward P/E ratio of 20 for the year ending 12/31/04. It is trading at over 30 times tangible book value per share as of Sept. 30, though:
shareholders' equity: 113,147,000 goodwill: 95,293,000 tangible equity: 17,854,000 shares out: 47,783,528 tang. eq./share: $0.374 I shorted at an avg. price per share of $12.56. It's a position I'll stick with for a while.