BORN - agreed, and the margins Little calculates match the alleged SAT reported margins for 2009, in which they claimed a loss. Dangerous IMO.
I have no issue with Alfred Little. He writes good stuff (see his stuff on CGA). And he is not short the stock. He's just a financial commentator, and I think his selfish motivation (which we all have) is to earn praise with his research and maybe open the door for other journalistic opportunities.