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 - Get Report)
, with positions taken when the growth crowd has decided to move onto greener pastures.
(JCP - Get Report)
, which I wrote about
, not surprisingly continues to get the stuffing knocked out of it. The stock is down another 15% since last Friday, as some institutions are reportedly giving up on the name. There's probably more of that to come; it's just not a name that many want to be associated with at this point.
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.
This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.