While Apple is a bit too prime-time for me, if investors continue to turn away from it, continue to beat it into the ground, I'll be waiting. I've had success in the past with companies I'd never thought I'd own, such as eBay (EBAY - Get Report), with positions taken when the growth crowd has decided to move onto greener pastures.
(JCP - Get Report), which I wrote about
JCPenney now trades at 1.04 times tangible book value per share. At some point, I would be surprised to see it trading well below tangible book. I'm in no hurry here; it will take a nice margin of safety to entice me to take a position, along with some belief that the company can actually be turned around.
I am hearing more chatter from folks that have cash on the sidelines right now, wishing that they'd been all in. But I, for one, still believe that some dry powder here is a good thing.At the time of publication, Heller was long RSH. Follow @jonmhellerCFA This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.