About a year ago, I discussed Harvey Nash as a potential value play. Not much has changed with respect to the company; operating profit is about the same as it was last year. But the stock price has seen a huge shift.
The share price is up by more than 50% over the 2017 lows. This situation reminds me of that Joel Greenblatt talking point where he would look at the ridiculously wide ranges between 52-week lows and highs of most companies and argue that something ain't right with the efficient market theory.
Harvey Nash is just another company that has had a wide range. Lucky for me, the low end of that range was low enough that I was willing to buy it, which isn't something I can say about most stocks right now.
I have now sold my shares. Not because I don't like the company; like I said, nothing has changed in my opinion. I just no longer see a margin of safety in the price.
Disclosure: No position
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