This has been covered by a number of posters smarter than
me over the past several months. As shareholders, we pay Doc to run a private corrections company in a way that produces maximum returns and beats the competition. Stock price is a function of many influences, not all controllable or rational or permanent. Ultimately, if Doc does what we pay him to do, the stock price will follow.
The history of CCA speaks for itself. The future course of the private corrections business is anybody's guess, but I think Doc's guess is likely to be the best. What happened in Texas in the past year may be a good indication of the future of the business. Low rate re-bids don't exactly increase margins. In this business, whether you agree with Doc or not, you have to admit that he is the leader. Everyone else is a follower.