I suggested shorting JOE in 2005 to people on this board, as an alternative to selling their south walton home. I choose to sell my south walton home, as it was a 2nd home.
A few days ago, near the market peak, with Joe trading between 19 and 20 a share all day, a wide range, I suggested that you should buy JOE and put it away for 50 years. Since that time, the market has gone down 8 straight days in a row, and Joe has gone from the 19 range, to the 17 range. YAWN.
RE: Einhorn, yes he's smart, but he was also browbeating people in 2004 who nailed the short thesis on Subprime Mortgage lenders. Do you want to guess what he thought? He thought people like Accredited Home Lenders and New Century had bulletproof business models, and chastised young analysts in my office who had done some work and presented a thesis that there may be a problem developing. So from my experience, Einhorn is an arrogant often way wrong little douche bag... feel free to short now, he'l probably be buying to cover whatever you borrow to sell.