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Jo-Ann Stores, Inc. (JASA) Message Board

  • martin4716 martin4716 Nov 2, 2002 4:48 PM Flag

    Last Post On This Board

    That's it. I'm outta here. Had enough of Schlang. I've given my case, and am short this stock (A shares), with a smaller arbitrage position in B shares versus A shares (overpriced versus grossly overpriced).

    Schlang has spend a lot of time presuming how I have done. Great. I'm about even on JAS having lost a total of couple of points last Spring and last summer. I've recently made about 1.5 points by shorting JAS. I made another 1 or so points by the closing of the gap between A shares and B shares. You people who have made big bucks on this stock, great. I hope you did just as well on your other positions.

    For the record, I'm up about 27% year to date, mostly on short positions. My big winners this year were Tweeter (short at 21, covered at 5.8) and Men's Warehouse (shorted at 19.60 covered at 10.06)which I have shorted, and Garan (GAN) shares, which I owned at $42/share before Warren Buffett bought out the company at $60/share. I've documented my positions on those boards, if you have time to check it out. Garan is no longer listed.

    I think that you longs are going to loose your ass if you stay long in JAS. I've explained why. You want to ride with Schlang. Know that your reasoning is only, "Its goin up!" Check the chart, and especially the relative strength. You know what? Its goin down.

    Have a nice life.

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    • What a C.S. way to do business. I'm sure he's thinking he can hedge his bets. If the stock continues to go up, he can always post under another identity. If it goes down, he can always come back and say, "I told you so!"

      Well, I guess he couldn't take the heat, so at least he's leaving the kitchen.

      If he changes his mind, I'll never know. I've just put his id on permanent ignore.

    • >That's it. I'm outta here.<
      >I think that you longs are going to loose your ass if you stay long in JAS.<

      Enuff said; no need to explain why I'm glad.

    • Who loves ya baby!

    • I hope you re-consider your leaving; I appreciate your different viewpoints such as "Its goin down", even though I strongly disagree with it. Allow me to rebutt your comments with my opinion garnered from research, news and comments from others here.

      My apologies to anyone here whose comments I use next! The main idea I want to rebutt is this idea that there will be a falloff from post 9/11 interest.

      I think any falloff happened months ago. Articles, and prior comments on this board, repeatedly point to a "trend" that began several years ago.

      For the lack of a better phrase, I'll call it a "technological overload resulting in a return to 'hands-on' projects and hobbies". This started in the late 90's as technology overwhelmed people at work and at play. Cell phones allowed everyone to talk everywhere. Cable/satellite allowed hundreds of choices. ETC, etc, etc.

      People began returning to some basic things, like actually making something. Many crafting & hobbies began showing large re-births. Woodworking, food preparation, crafting - all showed big increases in the late 1990's!

      Sure, 9/11 brought some into this trend and maybe just temporary. But the big trend was already occuring. Just check out all of the cable shows & channels devoted to "hobbies". Or read the articles by those who forecast trends, such as Faith Popcorn{sp?} and others.

      Slowing? Post 9/11 falloff? Not hardly!

      The 'hands-on' trend is growing and enlarging. People have their machines to work with and to create free time. That free time is increasingly used to actually make something. Bread, sweaters, blankets, wreaths, etc.

      Even celebrities are knitting for fun!!

      • 2 Replies to knits4fun
      • >I hope you re-consider your leaving<

        I respect your comments; However I for one am not sorry he decided to vacate.

      • "Jo-Ann Stores Earnings Call scheduled for Mon, Nov 18"

        Since we are so close to earnings, I assume that there is no earnings warning coming. That seems like a big hurdle that has been overcome and I believe we can expect a very good report. Even in this weak economic time.

        I am just an average investor; trying to do a good job in my portfolio investing. In my previous post to Martin, I forgot to add that there is plenty of historical data to prove that even in a 'mature' industry (such as fabric) that there is plenty of room for success.

        I believe that JAS is poised to join the ranks of companies with successful recoveries and that they'll have a very good holiday season & a great next year!

        Everybody should try knitting. It's great while watching MNF!