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OSTK Q2 Results


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My exposure to OSTK was through my holdings in the Chou Equity mutual fund.  However, Francis must have dumped a lot of it as the NAV only increased by 0.57% on a day when OSTK went up 22%.


Slightly frustrating, but I'm sure Francis had good reasons.


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If wonder if Sanjeev did another masterful option trade this time? ;)


No, unfortunately not this time.  If I had held all of my OSTK from a year ago, not including the options, I would have made 7 times my money...and it was a big position.  Unfortunately, we average in and we average out.  And we were out in the very high 20's...with an average out much lower in the high teens...our cost was just under $6, so I'm not crying.  And then there were those options!  ;D 


I'm happy for Patrick, Jonathan and everyone who works, supports or has shares in Overstock.com.  It's been a tough road, not unlike Fairfax's "seven lean years".  Today "Tinfoil hat Byrne" is worth a huge fortune again, many of his critics have been weeded out as frauds, hucksters, shills or even worse, and his company is consistently making profits which almost everyone doubted would ever happen! 


One noted coincidence between Fairfax's revival and Overstock's triumphant return...both occurred within a couple of years of Sam Mitchell joining their boards!  May be a coincidence or may be something else...take it whichever way you want!  Cheers!

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