Yet Another of My Big Mistakes
PW offers up some encouraging news about the book business on Wall St.:
Led by a remarkable rebound by book retailers, the Publishers Weekly Stock Index jumped 23.9% in the first six months of 2009, easily beating the Dow Jones Industrial Average, which declined 3.7% in the January through June period.
That’s great, although also a bit heartbreaking . . . Back at the beginning of the year, shortly after Borders hit its stock low of $.40, I talked a lot of smack about investing a small amount of money, convinced that there was no way this would stay below a $1.00. Well, as of June 30 the price is $3.68 . . . I was one bit of confidence away from making around $8,000 for every $1,000 invested . . . the best laid plans . . .
Not that the meteoric rise in the Borders stock price has to stop there: just wait until they launch a U.S. version of Happily Ever After, their bookish online dating site. . . .