I owned ESGR for several years before exiting about 18-24 months ago. The acquisitions and change in the business model seem to have done nothing except inhibit earnings, but nonetheless the PE expanded. Anybody have a clue at what is happening? Were the mergers done just to get GS the advisory fees?
Looks like the MM's are driving down the opening to shake out some weak hands to let the accumulators pick them up cheap. That is what I get out of the hugely weak opening yesterday with small gain on the close. We may be in for more of the same today.