Netflix News So Absurd I Couldn't Make It Up
I was wrong. I predicted Netflix
The other day several folks took exception to the metaphorical musing I used in this article title: Netflix: The Biggest Empty Promise Since Enron. Actually, I had originally used "scam" instead of "biggest empty promise," but somebody in the editorial department at TheStreet decided to make the change. That's their prerogative. Not a battle worth fighting.
We're dealing in hairline semantics here. The article speaks for itself. From the first sentence to the coda, it's clear where I stand.
To reiterate . . . (You can find links in the "biggest empty promise" article that verifies what follows). I have suggested being long NFLX since last summer when it traded for around $60. I called it to $100. I called it to $200. And, as the story in the first paragraph of this article verifies I called for $300 by summer at the beginning of the year.
NFLX closed Wednesday's session at $243.40, up 4% on the day and roughly 305% since my original call to action.
Where were all of the other NFLX bulls way back then? Nowhere to be found. They hopped on the bandwagon once the stock took off. It's all on the record where I was when NFLX collapsed in 2011 and as it began to soar in 2013.
As for the company, I have rarely been positive. Given the breadth of content I have produced on the subject over the last three years, I don't have to go over the reasons why. But, at day's end, I have been one of the few in the media -- financial or otherwise -- who has consistently nailed the divergent stories of NFLX the stock and the Netflix the company.
If you have issue with words such as "empty promise" and "scam" being used in association with Netflix, I have a proposition for you. Keep buying the stock. There's no reason not to, particularly if you were buying below $100. You're so far ahead by now.