Been watching MFG for months in a perpetual state of ambivelance. Still not convinced to jump in (yet). However Buffet's 20 year old quote keeps playing in my head when I watch what's happening with Magellan.
"The answer is that investors behave in very human ways, which is they get very excited during bull markets and they look in the rear-view mirror and they say, I made money last year im going to make more money this year so this time ill borrow, or the neighbour says you know, I wasn't in last year when that neighbour who's dumber than i am made a lot of money, so I'm going to go in this year, so they're always looking in the rear-view mirror, and when they look in the rear-view mirror and they see a lot of money having been made in the last few years, they plow in and they just push and push and push on prices, and when they look in the rear-view mirror and they see no money having been made, they just say this is a lousy place to be. So they don't care what's going on in the underlying business, and it's astounding, and that makes for huge opportunity. Just huge opportunity."
MFG Price at posting:
$20.96 Sentiment: None Disclosure: Not Held
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