Thursday 11am and EWC is sitting at 38c. How low can it go? This market is the worst I've seen in my lifetime. But with the AGM tomorrow and America expected to drop interest rates by a large margin in a week I think we should see a bottom soon. (An update on EWC's position should be forthcoming)
Consider the fundamentals. After the expansion profit should be about $85mpa. 1.5b shares equates to about 6cps earnings. So a growth stock, on the verge of the big time in 10 months, trades on a pe of less than 7. ABSOLUTE MADNESS. The market is made up of morons.
I have always said this; the market is controlled by intellectually challenged individuals who can only look backwards. Great, because this means a lot of stocks are never valued correctly. A smart individual can value stocks correctly, move in and mop up undervalued stocks. Is that why Warren Buffet has done so well.
Thursday 11am and EWC is sitting at 38c. How low can it go? This...
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