CCME - Let's put it this way, I would be a lot more nervous right now if the P/E were 15, or if this company had no cash flow, or if insiders were selling (versus buying), etc.
If some trader is willing to sell CCME for 10.75, for 1.00, or even for 0.01, why do I need to be concerned, if I know he is doing so for reasons unrelated to the strength of the business itself? What a person does with his holdings is his own business, my concern is more to make sure that the underlying company is sound. In the case of CCME, I am highly confident of that.
I try to focus on the fundamentals, not because they are the only dictator of stock price, but because I find it very difficult (and emotionally draining) to try to predict the other dictators, i.e., how human emotions and behaviors in the market are going to unfold short term. In obvious cases, such as in April where we had huge headwinds that the market was completely ignoring, then I'll get out, but right now, at these prices... it just doesn't seem smart to try to play the guessing game as to what will happen in the next day or week.