Aimho.
Almost overnight the short position has increased from 3 million
to 28 million shares. That's about a $50 million bet and one I would associate
more with hedge funds and not a bunch of hackers sitting in their basements.
Again aimho.
Assume for the moment it is hedge fund activity, what might they know that we do not?
To me, even as a long term fundamental investor, I have to ask myself that question. I
have to assume that the guy sitting opposite me knows what he is doing.
One possibility immediately comes to mind. These guys either know or are betting big
that the POSCO joint venture is not going to happen. Given the fact that our expectation
recently has been consummation of that deal by the end of August and it now is the 24th.
Again aimho
Another near term possibility is the BMX auction coming up results in a best price well below the
$1250 from the first auction. Remember that $1250 shocked the market and lit a fuse under our
stock price.
All of the above could be total hogwash but all of the old timers here know I am not a down ramper.
These big hedge players can be wrong as they were with Tesla but don't underestimate their ability
to know things before we do.
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