OSTK Appoints Landmark 20th Century Writer to Board

by Mr Juggles

Investors think Overstock (NASDAQ: OSTK) CEO Patrick Byrne is crazy. That’s why his ecommerce company trades at a 0.3x price to sales ratio while Amazon (NASDAQ: AMZN) sits at 2.3x.

Well, here was an email from the IR from last week: Overstock Appoints James Joyce to the Board of Directors

I am flabbergasted. I mean, when people are questioning your sanity, the ideal response is not to appoint a poet and author from the EARLY 20th century. Is this the man to turn around a troubled internet retailer?

Recommendation: Short OSTK; with James Joyce behind them, it will be almost impossible to invest in OSTK without an accompanying guide to help you understand. This will severely and negatively impact demand from institutional and retail investors alike, who may claim “We love OSTK! We think it’s one of the greatest stocks ever!” but actually do not hold any OSTK in their portfolios.

Share This, Please
Related Reseach: