SAN DIEGO (TheStreet) -- Confession: I had never heard of Voxeljet (VJET), the 3-D printing company, until yesterday. That's when the stock collapsed after Citron Research wrote a scathing report.
Voxeljet's crash landing pulled down the other 3-D printing companies in classic knee-jerk fashion.
Could they all bounce back? Today all but Voxeljet did.
In the end, as even Green Mountain (GMCR) shows today, in this market it's more about the story than the substance.
Make no mistake about it: 3-D printing is real and will likely revolutionize manufacturing as we know it today. Who knows, maybe soon the 3-D printing and Green Mountain stories will morph to Green Mountain using 3-D printers to create its K-Cups. Then there's Tesla (TSLA). No talk of 3-D created Tesla cars, yet, but no dispute that the Tesla is a really cool car that has already turned the auto world on its head.
But any of these companies really worth what they're trading at? Of course not. Certainly not now.
Owning them is a gamble. Not owning them is gamble. Shorting them is, well, as Green Mountain showed yet again today -- perilous.
As Travis Cocke of the Voss Value Fund writes in a letter to his shareholders:
"This mistake in shorting Tesla and a few other momentum-driven names has not been in misdiagnosing them as a tremendous bubble, but in inaccurately anticipating the magnitude and especially duration of irrationality inflating them. The problem for a prudent investor or bears is that events in the distant future are as hard to disprove as they are to prove, so logical arguments dissuade very few believers from buying at extreme levels."