Short-sellers may have been clobbered on
on the way up, but longtime reader W.A. -- a former bike messenger in San Francisco who now designs Web sites -- says he did one of his best trades by shorting MicroStrategy on Monday at 95 and covering yesterday at 74.
Meanwhile, some pros were adding to or creating new positions yesterday (on upticks) even as the stock continued to fall. The reason, according to the partner of one large hedge fund, was, in part, that the company doesn't have products that change the world -- its software is used by Internet companies to help spot patterns among users -- yet it still has a $5.6 billion market cap (on annual sales of $205 million, before restatement) and it has been forced to restate its revenue. "They're under a microscope, which could severely hurt their business," he says.
After announcing my new role as market-timer in a column
Tuesday afternoon, reader G.C. Niles wrote, "Is 4,400 your bottom prediction?"
To which I responded: "I guess so."
(In other words, me as a market-timer
is a joke!
-- and a bad one at that!)
Called one of my hedge fund sources yesterday. His first words to me were, "Hey, I hear you're leaving
Goes to show how twisted a story can get. What I am doing, in four months -- the root of this story -- is moving
to California. (Yep, unstable ground and all.) New York simply hasn't agreed with my family. (No surprise to anybody who knows me -- and many who don't!) Instead of going back to the Bay Area, however, we're headed to San Diego. After all, if I can work from anywhere (long live
!), I might as well go where the sun always shines.
Got a problem with that?!
As for my gig on "TheStreet.com" on the
Fox News Channel
, that's what they have satellites for! End of story.
Look for the second part of today's column later this morning.
Herb Greenberg writes daily for TheStreet.com. In keeping with TSC's editorial policy, he doesn't own or short individual stocks, though he owns stock in TheStreet.com. He also doesn't invest in hedge funds or other private investment partnerships. He welcomes your feedback at
email@example.com. Greenberg also writes a monthly column for Fortune.
Mark Martinez assisted with the reporting of this column.