More Stock Purchased
I purchased another 1.9 million shares of WebMediaBrands earlier this week. I have purchased over 3 million of our shares since early December and hope to buy more. Now that we have sold our image business I feel we have a great platform and great employees to make WebMediaBrands a solid Internet media company. Therefore I am open to buying more shares in coming weeks.
These times remind me of the weeks and months after the Internet crash of 2000 followed by the shock of 9/11. Our company stock went from $76 a share in March 2000 to $0.96 a week after 9/11. I bought our shares back in 2001 and the stock went to $24 a share in early 2005 and of course now we are at $0.32 a share. Lots of ups and downs over the years but the downs present opportunities if one believes in the intrinsic value of our business.
Ironically those who were battered as CEOs of Internet companies back in 2000-2003 were "tempered by the fire" by those rough times. Most companies were not hurt by the Internet crash unless they were in Internet business. CEOs of those days who are still CEOs had little to no training in handling economic crisis. The silver lining to having been a CEO back then of an Internet company was preparedness and training for what is happening now. Today things are even worse than 2000-2003, but not much worse for an Internet executive who was in the arena during that time.
So we shall see how WebMediaBrands does in coming months and years? I make no guarantees on results, but I have demonstrated my beliefs.
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