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TheStreet Open House

Stop the Linsanity: Buy MSG Stock Now

There's no good reason for MSG to underperform the NASDAQ Composite . If you read the headlines during the height of Linsanity, Jeremy Lin received practically all of the credit for MSG's rise. Now, as he signs elsewhere, he receives just as much credit for the stock's demise.

The sad part of it all is that he deserves the credit. That's the type of stock market -- and world -- we roll in. It's a fickle, reactionary, headline-reading, brain-sucking atmosphere that, for better or worse, produces my livelihood. I shouldn't complain because being able to see what's happening and react to it appropriately provides me with an edge, albeit a qualitative one.

If one man does not make a sports franchise, one man certainly does not make a stock. And it's not like Jeremy Lin is even anything close to a proven commodity. The Knicks might end up the smartest guys in the room for not signing a player who could very easily amount to a one-hit wonder. But, that's not even the point. In fact, it distracts from it.

MSG Is Bigger Than One Man

The fact that Linsanity even impacted the stock in the first place is almost completely crazy. I say "almost" because with interest comes more eyeballs and ratings, which potentially brings more ad dollars for MSG's television networks, and more merchandise sales. But Knicks tickets were going to sell with or without Lin.

The fact that Linsanity impacted the stock to the downside, as it has in recent days, is nothing but a farce. If it did not present such an excellent buying opportunity for MSG stock, I might be angry about it.

When MSG reports fiscal fourth-quarter earnings sometime in August, Jeremy Lin's name will not even come up. It should have been only a small part of what has never been a serious conversation about this company.

MSG does well for several reasons.

One, it owns valuable sports teams. The Knicks and especially the NHL's New York Rangers both went deep into the playoffs. That's short-term, somewhat unpredictable stuff, but it counts.

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