Still Have 40,000 Shares of IMMR

[kdotsky]

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Meanwhile I still own 10,000 shares of TASR which I told everybody two months ago I bought at 7.80 (because I thought people were overacting to rare deaths) and it is now about 9.40.

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I'm glad you brought this topic back because I had a question to ask about it. I know very little about stocks but found your logic for buying this interesting. You think the public overweights the rare-death aspect of the product, which seems reasonable. Looking at this aspect alone would indicate the stock is undervalued. You argued along the lines that we can forget everything else since on average the market is efficient, therefore there is an expectation that all other aspects of the company are correctly accounted for in the price.

My question is: looking at the public misperception you observed in isolation, why does this indicate the stock is undervalued? Surely a small number of really smart people with most of the money may have had the same observation you did and caused the price to be corrected before you got in. Wouldn't you have to somehow argue that they, too, had the same misperception the public did? So how do you argue that that hundreds of your counterparts weren't in with 30k shares before you were?