"Top line is vanity, bottom line is sanity"I think I got that right.
Must say I quite liked SE's closing summary. Let it not be said there is no poetry in the packaging / envelope business.
Weird to me that the stock is still down (a bit) on the news this morning. Looked pretty solid to me and I have no doubt this is a very solidly-managed company.
Part of the weakness in the stock is likely due the state of the stock market itself. One comparison. Urbana Corporation (URB.A), closed end fund. Excellent record as stock pickers. Just look down their holdings list. Used to trade at roughly a 45% discount to NAV per share. But now it's closer to a 53% discount. It seems to just be the current mood of investors--at least in the value space.
Beats me how you reconcile that with Shopify currently trading at 12x sales and 10x book value. No crazier, I suppose, than what was going on in 2021.