I’m Short “First Post”
by Kaiser EdamameBeen overrated for awhile, weak book value, its fundamentals suffer from a cap structure built for speed rather than earnings. The Posting Industry is driven by quality on a primary basis, while timeliness is a secondary or tertiary factor. We have seen the industry move away from the infatuation with “First Post” as the market moving slashdot segment has matured. Our economists expect this trend to continue indefinitely. Target price for “First Post” is $Z.
