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Overstock's Brash CEO Delivers First Annual Profit


Parsad
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AP article on Overstock and Patrick Byrne.  There is also a good quote by Sam Mitchell of Hamblin-Watsa in the article.

 

http://finance.yahoo.com/news/Overstocks-brash-CEO-delivers-apf-210153310.html?x=0&.v=4

 

I remember about four years ago when we asked Sam about Overstock at our annual Fairfax dinner.  He was leaning up against one of the counters in Joe Badali's, as about 15 of us were gathered around him listening, and relayed a story about Patrick's tenacity and ethics.  It was a story about Patrick meeting Henry Kissinger with his father Jack one day.  While everyone else shook hands and nodded to the former Secretary of State, Patrick lashed out and took Kissinger to task over something...I can't remember exactly what the issue was...but he was only a teenager.  I believe Kissinger was as stunned as everyone else, but it was the only way Sam could relay exactly what brews inside him.  It was very funny!  Cheers! 

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I disagree.  I think the company has now hit a critical mass, where the bottom line improves as they continue to increase their percentage of revenues from the fulfillment business.  Depreciation is falling off and costs are under control.  As long as inventory turnover remains quick, or speeds up even slightly on the direct side, they will be able to continue to generate net operating profits.  Cheers!   

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