Mover Mike Accredited Home Lenders

Mover Mike comments on LEND: 

Isn't it interesting how major investors can make the same mistakes ordinary investors make: doubling up, selling at the bottom and buying a falling knife. They also could be right. We'll know this year! Accredited Home Lenders LEND Farallon Capital Management Sub-prime Mortgage Mover Mike

Source: Mover Mike Accredited Home Lenders

A few things I'll take away from purchasing:

1. Don't buy on price spikes.
2. Don't get emotional with the market.
3. Get out early.

I still think LEND has some potential.  The RSI has cratered, there is an 80% short on the stock, and it's second-largest shareholder bailed, which was the driving factor for the downturn.  However, there should be some support around the $10 mark, since their bailout lender Fallond has warrants at that price, and at 13% interest on 200 mil they have some incentive for it to stick around for a few years.

Disclosure: I own a small (and shrinking) position in LEND.