tnyellowtomcat, I think company xyz is too cheap so I go long. You think it is too expensive so you go short. In the case of IDCC B of A relied on quants so they shorted it starting at $62. It went down due to market conditions to $40. B of A looked brilliant. At no time did the B of A analyst understand that IDCC had $40 in cash and the company was predicted to make $3 per share this year. Then the company started to aggressively buy back stock through a Dutch Auction. B of A said after they spend their money it will sink again. Then the company blindsided them by winning an award through a court case. ( even though litigation is updated every quarter.) At this point B of A analyst decided to look into the company and understand what they actually do and what they have. Now B of A says buy because the company is undervalued and the quants have no clue...
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