My Personal Finance Journey

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An Unorthodox Earning Release

Contributed by mm | February 6, 2004 11:29 PM PST

"Big O" Overstock.com CEO Patrick M. Bryne delivered an unorthodox earning release. Unlike any of the "traditional" earning releases, Patrick attached a long letter to shareholders to the bottom of the press release; the letter discusses the ins and outs of the business and even mentioned several mistakes during the quarter. I admire the great transparency management is willing to share.

As a matter of fact, I have been an Overstock customer for several times. I bought my desktop from Overstock (I still think it is a good deal). I also discussed Overstock several times (here and here).

Also, I have been following Overstock.com (OSTK) as a stock for a while. I can clearly see the value of the company, although I am a bit worried about whether the business model is scalable (especially, whether Overstock can find enough of good-quality merchandise at attractive prices down the road). I would like to buy in if I can get shares at $12-$13 apiece.

Fool.com also granted a huge praise to this level of shareholder-oriented thinking. (In an earlier article in Fool.com, Tom Jacobs discussed in great depth of how he likes Overstock and its management attitude.)

(As a side note, TheStreet.com thought this earning release as "the Five Dumbest Things on Wall Street this Week." I think low of TheStreet.com for a long time because of its trader-oriented mind-set and apparent linkage to hedge funds. This only lets me scorn TheStreet.com even more -- people there don't really understand investment.)

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