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Vonage You mean you don't want to hear any more opinions contrary to your own about the
You mean you don't want to hear any more opinions contrary to your own about the merits of owning this stock?
Sure you have a reason to resent the short-sellers, we made a lot of money as you lost it. But why do you think we shorted Vonage, and not, say Google?
The reason is the Google is a good solid company. Vonage is not. It is run, moreover, by a guy who was fined $22.5 million for stock fraud by the SEC, and banned from the securities industry for life. Why are you giving such a person your money to invest? Why not buy Microsoft, whose founder is now in the process of giving away the billions that he made from starting a profitable company, rather that a guy whose first company (Datek) was shut down in a cloud of scandel. Or if you don't like microsoft, how about the highly profitable Apple?
However much you like Vonage service (I certainly do), the company itself resembles Pets.com in its financial situation and future prospects. Vonage has on average in the past three years spent $2 for every $1 that has come in. It fact I would be pretty shocked if you weren't satisfied with the service. To get your $25 a month, they have been spending $50 a month. The only way they can turn a profit is to cut their costs more than 50%, or more than double their prices. I bet if they did that you wouldn't be so satisified with their service.
Why do you think Jim Cramer, who made half a billion dollars as a hedge fund manager and billions for his clients, said "Put simply, Vonage is a piece of junk." ?
People with a lot more experience with investing than the Vonage customers who were taken advantage of in this IPO saw that this company was grossly, grossly overpriced. They saw an opportunity to profit, and they took it.
So many people, in fact, wanted to short Vonage that most stock brokers ran out of shares available to short. That was my case with E-Trade, they had no shares to short so I had to short Vonage options rather than the stock itself (the effect is the same, Vonage goes down, I make money).
I am so sure that Vonage is going to go bankrupt, and its stock is going to go to zero, that I am betting a very significant portion of my net worth on it.
Now maybe you have, like me, carefully evaluated every detail of Vonage's prospectus, looked into the pricing and expansion plans of its competitors, and made your own projections on MS Excel of Vonage's future, and after doing that come to a differant conclusion. If that's the case, more power to you.
I suspect, however, that a lot of people here bought VG shares because they liked they service and because they knew most IPO's work out pretty well. If that is the case, you all have to very coldly ask yourselves what will be more painful, swallowing your pride and selling now, or holding on and losing another $4,000.
Read The Full Thread: Still Holding On? Lets discuss
• Okay now that it looks like the flood of negative short holders have left the forum.
• I am holding and looking forward to the end of the silent period.
• OK. I wont comment. But I can ask questions!!!
When does the quiet period end?
• This thread may suffer from people being unwilling to admit they
still have
• Tomorrow (25 calendar days after the stock was priced)
• I sold my 100 position yesterday. I'll wait it out for the stock to offically bottom
• DConnor, you have to be broke by now with all the losses you've unrealized. Doesn't
• Well, Dconner, I have posted here to let you and everyone know not to buy it or not
• Did anybody catch my question on Mad Money on friday's show?
There is no question
BigTime posted "You mean you don't want to hear any more opinions contrary to your own about the" on 06/16/2006 |
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