A Key Difference - Buybacks
Strong performers like PHX, TCW, and now HWO have had one thing in common besides impeccable balance sheets: stock buybacks. That said, I bought Painted Pony during the 2008-2009 crisis in January, when I paid $1.40. The stock went down to a low of $1.00. I called the CFO at the time and asked about buybacks and was told they wouldn't be doing any. Nevertheless, the stock turned, and began marching to $2, then $3, $4, $5, and all the way to $10, exceeding previous highs. No buybacks were involved.