I agree with you and I might add, "Don't forget about the plight of the shorts who may not be squeezed by a shortage of stock to borrow, but face an ever increasing need to put up and more capital to keep their accounts marked a rising market in Imax stock, plus the possibility of incurring increasingly greater eventual losses if they find their reasons for shorting the stock turn out to be wrong and they decided to cover at unacceptable losses.
The covering of their collective 12 million share short positions, if it turns out that way, should move the stock even higher. I witnessed this happening when I was long 250,000 shares of Tesla recently and for a while was collecting a 30% premium per annum for lending out my shares to short sellers who had to borrow.
I thought I made a killing in Tesla stock, but sold the last of my stock way prematurely at $70, only to see it go up another 100 points weeks afterwards. Imax is no Tesla, but it doesn't have to be and I hope I resist the temptation to sell just because it goes up too quickly and I have a large profit.
By the way, this message Board has some of the smartest and best informed investors I have ever seen for a group of non-insiders. Reading your discussions, I have come to realize Imax is a far more complicated and difficult to manage company than I had previously realized. Especially since it has become such a global company. I would like to say thank you for that.
Would you please quantify approximately how much money
you made by shorting the market in 2009?
It might help some of us in taking you more seriously?
I took the trouble to see the Wizard of Ox again in 3D wearing glasses at the Miami Imax theater, having first seen it some 75 years ago when it first came to our neighborhood theater in Brooklyn, New York. It was as fresh and exciting last night for me as it was then, if not more so because of the larger screen and 3D?
However, it was a Friday opening night and there were but nine people in the disappointingly small audience.
From my standpoint, the picture is a thoroughly entertaining, highly creative,
beautifully photographed and acted, and totally engrossing movie masterpiece. I left thinking, why don't they make movies like this anymore?
To think they put this together way back THEN!
I got there early to avoid the opening night crowd which never materialized,
and sat through a half hour of coming attractions with their slam bang action, loud noise, and much cartoon story telling.
If the rest of the world were like me, and learned what they would be missing if they didn't take the time and trouble to go and see it, this replay
will make a fortune. I ask those of you who can, to go and see it, and tell us
what YOU think? If we get a variety of answers, maybe moviegoers likes and dislikes are too subjective for one outside the industry to heavily invest in or bet on by owning stocks?
Imax short position just out shows decline of 588,415 shares from 17,455,541 shares to 16,867,126 shares.
Days to cover jumps to new high of nearly 37 days. First decline in eight bi-weekly reporting periods.
Draw your own conclusions.
I am 85 and remember seeing The Wizard of Oz in the local movie theater when it first came out around 1939. I can't wait to see it again in Imax. I guess this is a picture for all
ages. You don't remember Clark Gable saying to Vivian Leigh in Gone with the Wind, "Frankly my Dear I don't give a damn."
One parting comment please.
If you end up buying more stock, which I suspect is the right course of action and could easily happen, will you let us know?
Don't understand what you are saying? Do you work at
producing motion pictures? If you refer to the word mensch as the typo, the spelling is correct. I woke up my son-in-law and asked him. John and I sit on a hospital Board together.
I agree with you 100%. cdh333 is not acting like an investor who has confidence in his decision to own a stock with his "cancel when reached orders ". He acts more like an unsure trader letting short term market movements influence his decisions.
I have been guilty of it myself many times.
My biggest negative against investing in IMAX is what I believe to have been excessive use of executive compensation, and everyone here knows what I am talking about. It almost kept me from going back into the stock. I hope that has changed, or this stock may never command a decent multiple? The posters on this
Board are remarkably knowledgeable and informed. Those on Tesla used to be that way, but now it's mostly day traders.
I was alerted to Gravity here and last night I saw reference to it in coming attractions at the local Imax theater I was in. Also, Jon Landau who lives here when he is not in California working on Avitar, once commented, "Nobody can beat Imax".
The next short position will be published this coming Wednesday
afternoon after the close.
Wow, talk about coincidences. I too have only been in two stocks these last few years..... Tesla and IMAX. I sold the last of my 250,000 shares of Tesla at $70 per share, having made approx. 6 million dollars, including $580,000 from premiums received from lending out my shares to short sellers. As you can see, I left a lot on the table.
I am presently sitting with 225,000 shares of IMAX stock with an average cost of $26.11. I was in it years ago having bought it around the $11 level and selling it at $18. Now IMAX is the only stock I own. I have been mostly out of the market these last few years because our run-away national debt scares the life out of me. I am 86 years old, live in Florida, and retired from a 50 year career in the investment business having sold the three mutual funds I founded along with my NYSE membership and now just run my own money. I have taking the trouble to visit the Tesla Factory in California twice these last couple years. Tesla is a once in a life time investment opportunity, but I was not prepared for this last round of investor exuberance. Originally I bought 35,000 shares of Tesla stock at $17 per share on the IPO, which I received because I had purchased a roadster. I sold that at $23 a share. I later bought back 100,000 shares around $28 a share, which I later sold between $35-$40. After that I repurchased 250,000 shares around $30 and sold the last of that at $70.
After the roadster I ordered two signature Model S sedans, one of which I gave to my daughter who works for me and who also visited the Tesla factory, and I presently have a Model X on order. You have to drive a Tesla sedan to appreciate what a truly great car it is. The shorts got creamed betting so heavily against Tesla. At the top the short position was 32 million shares and I was getting a 30% per anum rebate for lending my shares. IMAX's short position is getting up there too, but there is no sign of a rebate so the shares are not yet hard to borrow.
I suggest if $29 is all you want and you are serious, put in a good until cancelled open order to sell it there. I think there an excellent chance to get it off before too long. Perhaps this is just wishful thinking on my part?
You can't generalize:
I graduated from Polytechnic Preparatory High School in 1945, from Columbia College in 1949, from the Harvard Business School in 1951, after which I spent two year in the USAF assigned to Strategic Air Command HQ as Chief of Non Appropriated Funds achieving the rank of 1st Lt. I subsequently spent 50 years in the investment business as a registered investment adviser and Sr Partner of a NYSE member firm bearing my name, from which I have been retired nearly 10 years to manage my own money.
I made $6,019,349, including $705,698 of rebates from lending out shares, from investing in Tesla.
Notwithstanding all this, I did a totally stupid thing. I sold the last of my 250,000 shares of Tesla at $70 and have been watching in disbelief ever since. By the way,
what is there in your background that resembles an education?