…Couldn’t Stay Away
I couldn’t stay out of Gramercy. I bought back in yesterday at the end of the day, at $2.80. I sold more Oneida Financial to keep my overall cash position the same.
I know, my decision making is flailing a little here. I admit, I’m finding it difficult to make decisions here. I see plenty of opportunities out there. Even beyond the stocks I own. There are oil companies, for example, trading at a third of what they were a few months ago.
Take Emerge Oil and Gas (EME.to). Does it deserve to have been cut down by 60% in a few months? Oil prices are still at $80/bbl after all. The company’s production has declined slightly but nothing too severe. Still, a 60% decline in share price?
There are lots of stories like that out there. Lots of stocks that I would jump on in normal times. But as I wrote about last week, I don’t think these are normal times.
The latest evidence I’ve read describing the lack of solidarity in the Eurozone came from this FT article. Don Coxe said on his call this week that the default of any European sovereign would be “a nightmare”, except that the analogy was flawed because you do eventually wake up from a nightmare.
So I bought back Gramercy. I saw the volume over the last few days and I have heard the company say themselves that they are getting closer to a settlement of realty, and so I was loathe not to be long the stock coming into a Monday morning where news might be sprung.
But that hasn’t changed my outlook or my strategy.