Looks like time to buy again!Wow sold half my position on Friday...cant believe I may have a chance to get back in on the cheap...great long term stock to accumulate and trade on the bumps!
In our January issue, I looked at shares of Harry Winston Diamond( HWD - news - people ), one of the premier diamond miners and retailers in the world. At the time, I argued that it looked cheap at $3.90, an 87% plunge from its price just six months earlier and 30% of book value. It then proceeded to get even cheaper, hitting $1.72 on March 9. At that point, the valuation was simply absurd.
Canada's Kinross Gold ( KGC - news - people ) apparently agreed with me. The company stepped in and bid $3 for a 20% stake in Harry Winston. This is no day trade. Strategic investors like Kinross don't buy because they think there's a slight 20% or 30% upside. They're looking to make their investment back several times over. In the words of Kinross CEO Tye Burt: "When do you buy a significant interest in a world class asset? When it's available and hopefully at an attractive price," he said. "We think there's tremendous leverage in the equity price."
https://www.forbes.com/2009/04/13/citigroup-hwd-kinross-personal-finance-guru-insight-stock-valuations.html