I have been waiting for today. Because today is what I call the...

I have been waiting for today.

Because today is what I call the "vomit trade" -- when the market "vomits" [*] on a stock, thereby signalling that it is giving up.

I tend to like it when the market gives up.

When I look back over my investing history, some of my best investments have been made when the market has given up on a stock.

Because if you believe:

1.)  as I do, that securities that are unambiguously undervalued will perform meaningfully better in coming years than securities which are currently objectively not undervalued, but which are seemingly performing on sheer momentum, and

2.) as I do, that there is a reasonable probability thatthe PTM business model - including its processes, people and reputation - will remain unchanged over the next two or three years,

...then this, I think, represents a once-in-every-five year type of investment opportunity.

Accordingly, I have been adding to my holdings in PTM today.
With some gusto.


[*] Pardon the somewhat distasteful analogy