CTRP is coming back to earth
My bearish call on CTRP (http://caps....043115362412)
was justified by Mr. Market today. Of course, this happened after a period of market exhuberance that made me look foolish (and took my short position underwater) for a month or so, but it did finally happen.
So, once again, a harsh lesson for the permabulls: 50% growth rates are hard to sustain forever.
The danger of overpaying for growth was made even more apparent by the fact that CTRP has plunged after reporting exellent results that just weren't exellent enough. The market was expecting them to beat expectations...