One company whose success – – and amazing stock performance – – has always baffled me has been Stamps.com. I mean………stamps? But you can’t argue with success. This company did little but ascend in price, year after year.
That ended quickly this morning, when the company (perhaps unwisely) decided to ditch a little thing known as the United States Postal Service and stake its fortune on Jeff Bezos’ prospects as a shipping magnate. The effects on the stock this morning were swift.
What’s astonishing is that if you had bought the stock in 1999 – – twenty YEARS ago – – you’d actually be down 40% right now. It was only last August that the stock was approaching $250 per share.