又一电商黑马！股价翻了十几倍，创始人却在暴涨前抛售一空？
在纳斯达克上市的电商股票中，谁是今年最受科技股投资者们青睐的宠儿？亚马逊？ Shopify？还是阿里巴巴？
以上都不是！
答案是Overstock.com——一家总部位于犹他州的美国零售电商平台。截至目前，该公司的股价涨幅已经超1,500％。更令人惊叹的是，自3月中旬美股市场遭遇暴跌、甚至多次熔断 以来，该股仍然奇迹般地飙升了近2,000％。它是罗素微型股指数（Russell Microcap Index）的成分股之一，该指数的成分股向来都表现不俗，Overstock又在这些佼佼者中拔得头筹：最近几周，它是纳斯达克100指数（Nasdaq 100）中表现最好的科技股。 Overstock的强劲势头已经让许多的投资者赚的盆满钵满，除了一个特别值得注意的例外：在二十多年前亲手缔造了该公司的创始人。
在8月18日的早盘上，Overstock（股票代码：OSTK）的股价下跌了1.7％。前一天，投行Piper Sandler的股票分析师彼得•基思经研究，仍对该股作出“增持”评级，即十分看好其未来的走向。他表示，该公司投入了全新的管理团队，并注重在家居业务领域的深耕。而在这两大优势的协同助推下，预计Overstock今年的销售额有望达29亿美元，是去年同期的两倍多。
一年前的Overstock还未具备盈利能力。现在，人们却对这家公司颇为看好，都认为它能在今年获得可观的利润：据基思估计，每股Overstock的股票将在今年全年获益0.47美元。
基思在写给投资者的研究报告中表示：“疫情给人们的工作形式带来了天翻地覆般的变革，居家办公兴起，极大地带动了Overstock的销售额，也使其盈利前景一片广阔。”
与其他电商平台一样，新冠疫情在Overstock的崛起中起到了重要的催化作用。
疫情之下，所有顺应了居家办公趋势的公司普遍迎来股价的大涨，引领了整个大盘的回弹。投资者们相信，最终推动经济摆脱整体颓势、走向复兴的，无疑会是数字经济。这也是一场众所周知的“实体店vs网店”的较量。但即使高科技股票普遍飞涨，各家的表现也如下图所示，差异显著——有人遥遥领先，有人表现平平。
现阶段下，科技股驱动股市反弹已经是大势所趋，在线零售商的股价飙升至创纪录的水平也就不足为奇。但是经验老道的纳斯达克望风者们也会记得，这对曾经的Overstock来说是多么不可思议，毕竟多年以来，Overstock一直在投资人中备受争议。
大约一年前，Overstock的创始人兼首席执行官帕特里克•伯恩突然辞职。辞职前几天，他坦承自己遭到联邦调查机构的质询，牵涉到2016年总统大选相关问题，他将整个事件称为“幕后政府”的阴谋。这在投资者中引起轩然大波，使该公司的股票在两天内下跌了三成多。
相关公开文件显示，伯恩在几周之内将自己所有的Overstock股份全部抛售。导致今年春夏该公司股价暴涨之时，作为创始人的他却颗粒无收，错过了或许是一生中最大的获利机会。
根据监管机构的文件，他在去年9月出售了4,790,459股Overstock公司股票，而如果按今天上午的股价计算，这些股份的价值大约高达5.66亿美元。
但伯恩也有可能在此之后又回购了一些股票，尽管监管机构的文件中并未显示。而即使这位早已远离公司事务的创始人确实有过任何此类回购行为，Overstock本身也不得而知。公司发言人告诉《财富》杂志：“Overstock并不掌握每一位持有股份的外部投资者的信息，但我们没有理由相信伯恩会再次购入公司股票，因为他辞职以后，就不再介入公司的业务了。”
但也不用为伯恩遗憾：他出售股票的所得大约有9,000万美元。去年秋天，伯恩在给员工的一封公开信中解释道，他将用这9,000万美元投资黄金和白银（这两种贵金属的吸引力在于：二者都存储在美国境外，因而“甚至超出了幕后政府的控制范围”）。他还投资了加密货币。
如今，黄金和白银越来越受欢迎，加密货币也是如此，广受多头投资者们的青睐。
但可惜的是，还是很少有资产能像Overstock的股票那样，创下连续六个月暴涨的奇迹。（财富中文网）
编译：陈聪聪
在纳斯达克上市的电商股票中，谁是今年最受科技股投资者们青睐的宠儿？亚马逊？ Shopify？还是阿里巴巴？
以上都不是！
答案是Overstock.com——一家总部位于犹他州的美国零售电商平台。截至目前，该公司的股价涨幅已经超1,500％。更令人惊叹的是，自3月中旬美股市场遭遇暴跌、甚至多次熔断 以来，该股仍然奇迹般地飙升了近2,000％。它是罗素微型股指数（Russell Microcap Index）的成分股之一，该指数的成分股向来都表现不俗，Overstock又在这些佼佼者中拔得头筹：最近几周，它是纳斯达克100指数（Nasdaq 100）中表现最好的科技股。 Overstock的强劲势头已经让许多的投资者赚的盆满钵满，除了一个特别值得注意的例外：在二十多年前亲手缔造了该公司的创始人。
在8月18日的早盘上，Overstock（股票代码：OSTK）的股价下跌了1.7％。前一天，投行Piper Sandler的股票分析师彼得•基思经研究，仍对该股作出“增持”评级，即十分看好其未来的走向。他表示，该公司投入了全新的管理团队，并注重在家居业务领域的深耕。而在这两大优势的协同助推下，预计Overstock今年的销售额有望达29亿美元，是去年同期的两倍多。
一年前的Overstock还未具备盈利能力。现在，人们却对这家公司颇为看好，都认为它能在今年获得可观的利润：据基思估计，每股Overstock的股票将在今年全年获益0.47美元。
基思在写给投资者的研究报告中表示：“疫情给人们的工作形式带来了天翻地覆般的变革，居家办公兴起，极大地带动了Overstock的销售额，也使其盈利前景一片广阔。”
与其他电商平台一样，新冠疫情在Overstock的崛起中起到了重要的催化作用。
疫情之下，所有顺应了居家办公趋势的公司普遍迎来股价的大涨，引领了整个大盘的回弹。投资者们相信，最终推动经济摆脱整体颓势、走向复兴的，无疑会是数字经济。这也是一场众所周知的“实体店vs网店”的较量。但即使高科技股票普遍飞涨，各家的表现也如下图所示，差异显著——有人遥遥领先，有人表现平平。
现阶段下，科技股驱动股市反弹已经是大势所趋，在线零售商的股价飙升至创纪录的水平也就不足为奇。但是经验老道的纳斯达克望风者们也会记得，这对曾经的Overstock来说是多么不可思议，毕竟多年以来，Overstock一直在投资人中备受争议。
大约一年前，Overstock的创始人兼首席执行官帕特里克•伯恩突然辞职。辞职前几天，他坦承自己遭到联邦调查机构的质询，牵涉到2016年总统大选相关问题，他将整个事件称为“幕后政府”的阴谋。这在投资者中引起轩然大波，使该公司的股票在两天内下跌了三成多。
相关公开文件显示，伯恩在几周之内将自己所有的Overstock股份全部抛售。导致今年春夏该公司股价暴涨之时，作为创始人的他却颗粒无收，错过了或许是一生中最大的获利机会。
根据监管机构的文件，他在去年9月出售了4,790,459股Overstock公司股票，而如果按今天上午的股价计算，这些股份的价值大约高达5.66亿美元。
但伯恩也有可能在此之后又回购了一些股票，尽管监管机构的文件中并未显示。而即使这位早已远离公司事务的创始人确实有过任何此类回购行为，Overstock本身也不得而知。公司发言人告诉《财富》杂志：“Overstock并不掌握每一位持有股份的外部投资者的信息，但我们没有理由相信伯恩会再次购入公司股票，因为他辞职以后，就不再介入公司的业务了。”
但也不用为伯恩遗憾：他出售股票的所得大约有9,000万美元。去年秋天，伯恩在给员工的一封公开信中解释道，他将用这9,000万美元投资黄金和白银（这两种贵金属的吸引力在于：二者都存储在美国境外，因而“甚至超出了幕后政府的控制范围”）。他还投资了加密货币。
如今，黄金和白银越来越受欢迎，加密货币也是如此，广受多头投资者们的青睐。
但可惜的是，还是很少有资产能像Overstock的股票那样，创下连续六个月暴涨的奇迹。（财富中文网）
编译：陈聪聪
Which Nasdaq-listed e-commerce stock has become the clear favorite among tech bulls this year? Amazon? Shopify? Alibaba?
Nope, nope, nope.
The answer is Utah-based Overstock.com, up more than 1,500% year to date. More impressively, the stock has soared roughly 2,000% since the market's mid-March lows. It's part of the mighty Russell Microcap Index, which is outperforming the best of the best in Big Tech—the Nasdaq 100—in recent weeks. Overstock's rocket rise has been generating windfall returns for plenty of investors, with one noteworthy exception: the man who founded the company more than 20 years ago.
On August 18, Overstock was down 1.7% in early trading, a day after Piper Sandler equities analyst Peter Keith initiated coverage of Overstock (ticker symbol: OSTK) with an "overweight" rating, saying the new management team and the company's focus on home furnishings should help propel sales to $2.9 billion this year, more than doubling its year-earlier top line.
Unprofitable a year ago, Overstock is now expected to pull in a decent profit this year, with Keith estimating full-year earnings per share at $0.47.
"There are seismic forces at work that have dramatically improved the sales and profitability outlook for Overstock (OSTK) well into the future," Keith wrote in a research note to investors.
And as with other e-commerce companies, COVID-19 is the big catalyst.
Stay-at-home stocks continue to dominate the wider markets rally as investors bet the digital economy will power the broader economy out of recession. It's the proverbial clicks vs. bricks trade. But even among that group of high-flying tech stocks, there are clear standouts, as the below chart shows.
Overstock's share price has grown six times more than Wayfair, which is having a heck of a run itself. Further down the list is Amazon, up a mere 72%, a performance making Amazon bulls very happy. But even they must be getting Overstock envy.
That an online retailer is rallying to record heights should be of little surprise at this stage in the tech-driven equities rally. But veteran Nasdaq watchers may recall how improbable a run this is for Overstock.com, which has had its run-ins with investors over the years.
It was almost exactly one year ago when Patrick Byrne, founder and CEO of Overstock, resigned abruptly. Days earlier, he had admitted to being questioned in a federal investigation related to the 2016 presidential election, blaming the whole affair on "the deep state." That revelation spooked investors, who sent the shares crashing down by more than one-third over a two-day stretch.
Within weeks, Byrne had dumped all his shares in Overstock.com, public filings showed. That resulted in him missing out on the rally of a lifetime this spring and summer.
According to regulatory filings, he sold 4,790,459 shares in September, a stake that would have been worth roughly $566 million by this morning's share price.
It's possible Byrne has since bought back into the stock, though regulatory filings show no such purchases. Overstock itself is unaware of any such buys by its estranged founder. "Overstock doesn’t have information on every individual external investor that holds our shares, but we have no reason to believe Dr. Byrne has bought shares as he has had no involvement with the company since his resignation," a company spokesperson told Fortune.
But don't feel too bad for Byrne. Byrne realized about $90 million from the share sale. He penned an open letter last autumn to employees, explaining he was putting the $90 million into gold and silver (the appeal of the two precious metals: Both are stored outside the United States, and therefore "even more out of the reach of the Deep State," he wrote) as well as in cryptocurrencies.
Gold-and-silver bugs are having an excellent pandemic, as are crypto bulls.
Alas, few assets have had the kind of six-month run that Overstock shares are enjoying.
