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The Company through its Subsidiary engages in art auction, private sales and art-related financing activities.
Activist investor Dan Loeb is in the board
Revenue down and EPS is down 47% yoy. We will get less rich people with higher taxes. Target $26
a new high scoring player liked this nyc company,
Economy is recovering, liquidity will be maintained until unemployment rate drops, inflation to follow, commodities will go up as dollar erodes with inflation, BID will prosper on the race to acquire high end tangible investments (property, art, diamonds / jewelry, etc.)
There is less momentum, less volume, and less buying going on. We are in the last part of this rally.
The 1929-1930 equity rally (coming out of The Great Depression) lasted 147 days and the market was up 46%. It has been the same amount of time since the March, 2009 low and we are up about the same percentage. It’s déjà vu (paramnesia), so prepare for a drop of about the same percentage (85%).
bought 'a lot' at average of 9. But on fwd PE of 33 in a bad year I figure 10 -12 is a bargain. Paying 14 will show a return in two years.brigid
Will survive recession
Think about how the comming inflation will affect the BID.
Big Dividend, Bigger Moat
This is the rich man's pawn shop. It should do well in a recession. The stock has been hammered by short selling and is yielding 6.8% with plenty of coverage. It is an $8.80 stock with $5.58 per share of cash.
Sotheby's at $12 = ridiculous.Little hedge fund bears running it down day after day (20%+ short at the end of trading today). I don't think they can bring this company down, like they tried with few financials. Besides, this looks so outlandishly ridiculous that sooner rather than later will pave a way to a bullish stampede. In a very short term the small squeeze should be coming. This is downright insane to be short on this stock at these levels, yet it is going on.Company has tons of cash, virtually no debt to speak of, auctions rake in more than ever (recession = more Cezannes bought and sold).It's too good to be true ... Own it for long-term, short-term, doesn't matter, great upside. No downside whatsoever.
Openned new offices in April. Only big name in-person auctioneer. There will always be rich people jetting off to bid on items too good for the rest of us. Their paying Sotheby's is one way they "prove" that they are better than us.
The market sucks, the economy is getting worse and it's affecting rich people way more than poor people. What happens when sugar muffin needs a new bentley? They have to sell some weird looking art to other weird people. Who does this better than Southeby's? No one.
Sotheby's auctions doing well, lot's of rich people around to buy pickled animals in boxes for millions (I don't get modern art!). P/e very low should provide downside protection.
I bought this today at $26.85 (price after commission).
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