EGMI ($1.40 -0.20) Just One of Those “Shit Happens” Days
Obviously all prayers go out to the Steinberg family in their time of grieving. His successes as a businessman are well known. I believe the Press Release EGMI put out is well written and says it better than I could. Now the stock is being sold off, for what reason I don’t know. I guess some might worry about his estate selling off his holding which I highly doubt. All I can say is if a person was to sell on this news they are an idiot. Steinberg’s loss does not stop the momentum of the company. The fundamentals have not changed. EGMI is now trading at 10x 2009 EPS guidance of 14c. I believe today represents a great buying opportunity. Today is one of those “Shit Happens” days.
Disclosure: LONG EGMI
You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
I guess the stock gods are throwing some people a gift allowing them to pick-up EGMI shares on the cheap.I am not going to expand my positon since I bought my first tranche at $ 0.34 per share.
great buying opportunity today.
RIP Lord Steinberg
Very nice purchase.
IC
Sometimes it’s lonely being one of the few buying in a stampede of selling. I have to question people’s ability to interpret information, because what I witnessed yesterday did not bode well for efficient market theory.
Market action in light of this unfortunate circumstance, shows the lack of sophistication by its participants.
In contrast Bruce Wasserstein ( who was a VERY big Deal) passed. His company $LAZ dipped for about an hour before the slack was picked up. I would think he was much more instrumental to $laz then Lord Steinberg was to $egmi. LAZ has subsequently pulled back but for other reasons.