Patrick Byrne and Overstock.com do it again.
That issue with them not being able to grow without blowing out their marketing budget (see the link to see what I mean) is the exact issue Donn Vickrey has been talking about since 2003 or so. I forget exactly when he began coverage. Even laying aside all of Gary Weiss’ issues with Pat’s accounting, most of which I find to be pretty small beer, the basic idea is that Pat always has a story about how things will soon get better and it always ends up being the story Bloomberg wrote today.
It IS shocking though. How did all those shorts know to get naked at the same time, just to make Overstock shares collapse right after earnings? Darn, they’re good.
And you would have thought they’d all be busy with Freddie Mac. But you know how it is with short sellers: You always hurt the ones you love.
Tags: BSers Olympics, Character, Internet
