It’s Always Something at Overstocked.com
Well, Patrick has done it again. With a just-after-the-Friday-close press release headlined “Overstock.com Overstocked With Bargains,” CEO Patrick Byrne has come up with another very amusing spin on his company’s latest change in fortune, which includes “sharply” slowed sales and “downward pressure on gross margins.” Once again, the CEO who bills himself as “one of the most transparent CEOs” in the world has painted a beautiful face on one dog of an announcement, blaming the whole thing on an IT infrastructure “transplant.” And keeping in style, Patrick uses an elegant, erudite word (“caesura”) to suggest his company’s latest SNAFU is merely a pause that refreshes…and that everything now is, as they say, up-and-to-the-right. (Unfortunately, “caesura” is not the correct word, for it implies a pause in a conversation or a break in a line of poetry…and not even Allen Ginsberg’s “Howl” would begin to describe Overstock’s “caesura.”)
Poor word-selection aside, this latest of missives from Overstock.com’s “Humble Servant” merely extends the long line of excuses (recall, and I am not making this up, that he mentioned the death of Pope John Paul II after last spring’s “caesura”) that never admit to an actual problem for which Overstock.com management might bear responsibility. It’s always something, isn’t it? We’ll take a closer look at the whole thing on Monday. Jeff Matthews I Am Not Making This Up The content contained in this blog represents the opinions of Mr. Matthews. Mr. Matthews also acts as an advisor and clients advised by Mr. Matthews may hold either long or short positions in securities of various companies discussed in the blog based upon Mr. Matthews’ recommendations.