|
Joe Duffy's Diary : June 15, 2001
This is Sunday of the week of the 2001
U.S. Open. Els has played solid rounds on Thursday, Friday, and Saturday
to put him at 7 under going into the final round and one shot back of the leader.
The leader, Jerry Kelly, is looking for his 1st PGA tournament win today. Kelly
came close to winning The Players
Championship earlier this year. But I think Els will be the ultimate winner
of this 2nd major of the year.
7:35 am - I am checking my portfolio
on the GI markets. It is 4 hours before Els is to tee off in the final round.
All of a sudden I see Els' stock price on the 2001 PGA Season Market jump to
$45. It looks like other GI investors think Els will win as well today.
At $45 per share, and 100,000 shares outstanding, this puts his market capitalization
at $4,500,000. Wow!!!! I am not sure Els will make at least $4,500,000 this
year in earnings. He earned $3,469,405 in 2000, and he played pretty well during
the year. I think Els is over priced on the market since I don't think he will
earn $4,500,000 this year. However, I am not totally sure of myself. So I decide
to sell 1,000 of the 2,000 shares I own of ERELS.
7:45 am - I submit a limit order to sell 1,000 shares of ERELS
for $45 per share. The order is executed 6 hours after it was submitted to the
market. So I have successfully sold 1,000 shares of ERELS at 1,000. I have realized
$30,000 on this transaction. I decide to hold on to 1,000 shares of ERELS as
there is a slim chance he could earn more than $4,500,000 for the year.
|
|
|
 |
|
