on IStar stock comments (from a stock blog)
Given the news (iStar Financial is mulling a strategic bankruptcy), the company
should ultimately come out of it - if it happens - cleaner, and technically
make SFI more valuable rather than less valuable. The problem is, there's a
psychological aspect to it that has to be recognized and played. The news must
first 'punish' SFI badly enough and long enough so that the average amateur
investor is satisfied enough to say the worst is priced in.
Oh, nobody knows what the 'worst' actually is.... it just has to feel awful at
the right time (closer to the filing than not). Despite yesterday's drubbing
and today's likely drubbing, we're still not there yet.
Bottom line: I see more downside for SFI before the bottom is made, even if
it's just the psychological chess game that's played with these matters. The
time to be bullish is when everyone knows and agrees iStar is a disaster.
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