PERI released earnings. They were just fine. They are on track to make $1.20 a share this year and have $7.50 a share in net cash. It got whacked 15%. This caused me to go from up 5% on the week to up under 1% to 9.6% YTD.

It is trading at 1.2X EPS, net of cash. Just another reason why I gave up the paid blog. I can’t explain this market to anyone anymore. It is just nuts. Story stocks dominate and assumption of forever sales growth, just like in 1999 with the internet, and 2008 when house prices were going to go up forever.

Drone stocks have been soaring (although they are far off their highs). The volume for drones will be low margin military contracts, most likely. How much do you pay up for that? Also, how many winners will there be?