PharmChem Laboratories Inc (PCHM)

[jtomm]

Totally agree that on the buybacks it didn't seem that undervalued to me either. It's a thinly traded low-float stock and stocks like that can frequently trade for 5 or 6 times earnings, so I didn't think it was cheap at all. I remember thinking, wow, to be buying back at this price they must really be seeing some ramp-up in sales from their marketing efforts. Instead, looks like they just *assumed* their marketing was going to work.

Agreed that there is WAY more uncertainty now. I've reduced size as well. At least the buyback using debt didn't go thru. Thank goodness for that.