After AEC announced that secondary offering, the second one in just a short span of time, the stock tanked, and immediately analysts started throwing rotten tomatoes all over their press release. Well excuse me, but I’d say the estimable Jeffrey I. Friedman has once again had the last laugh, ladies and germs.
We in the 9th floor have long had respect for the good Jeffrey I. Friedman and his wisecracking ways. So much so that we have held the stock of his most formidable company consecutively through no less than four separate downturns, always buying more.
Now, with bonds melting down globally, the good Mr. Jeffrey I. Friedman’s decision to blanket his company is excess cash is looking precognitive, if not outright clairvoyant.
The stock has held up. It will sell off as our fellow shareholders, disgraced with horrible positioning, get raked across hot coals by the margin clerks. But the company is positioned beautifully, thanks all to one Mr. Jeffrey I. Friedman.
Never bet against the bitter industry veteran.