To all the haters of mine on twitter and the rude comments on my blog about BlackBerry, the image above is for you.
Well, as I have said time and time again, the only direction BlackBerry is going is down. You really think this John Chen guy is going to turn the company around?!?! I don't know who this John Chen guy, and I truly don't care. BlackBerry's main problem is not the CEO, it's the mindset and strategy within the company. If you cannot turn around the core beliefs of the company, you are not going to make believers out of anyone out there.
Quoting John Chen, "It's going to take time and discipline to reclaim BlackBerry's success". I think we all are familiar with how long it took Apple to get back on track. Apple almost went bankrupt in the early 2000s before Steve Jobs had the iPod idea.
I am going to go out on a limb and say BlackBerry is DONE. I don't care if someone will tell me I was dead wrong years from now. BlackBerry is going to be doing a Nokia for awhile. Nokia stayed below $10/shr for years and the only saving grace for BlackBerry will be a buyout.
I said this before, I will say it again, Prem Watsa already knows he lost money on BBRY as his cost basis was $40/shr. So why would he add more to his misery by buying BBRY at $9? Why not let BBRY burn through its cash reserves and buy it at $3 or $4, 6 months from now? I know I would. Smart people never pay the sticker price - only idiots do that.
I know that I have been quite rude when it comes to my tweets and comments on BBRY. The hope was to wake the plenty idiots out there still believing in a company that's way past its prime. In any case, you buy BBRY at your own peril.
Best Comments I've got:
"Gavin you're an idiot. Your country is bankrupt" --
"The only clients Gavin has are the ones who are losing money" --
"Stay away from Canadian businesses. You don't understand how BBRY operates" --
"You're a crackhead LOOOOSER" --
"You're going to be bankrupt come Monday you stupid as Swedish mofo" --
.... So who had the last laugh guys??? hahahahahahahaha
Sentiment: STRONG SELL Again and Again and Again
Traders from Equity Sense will be writing on this blog on positions and other market-related things.