observer269,

I calculate a higher return since the IPO: > 1,300%. But that does not necessarily mean that the returns will be repeated. Right now, their market is shrinking: talk to your Bloomberg salesperson about the number of "disconnects" they are having -- right, it's not published number because B-berg is private, but you may get something anecdotal, or you may just hear a groan. How many B-berg terminals will go away from the Pequot shutdown? Now, how many FDS cancellations does that translate into?

That's the demand side. Now take the supply side. What happens when XBRL kicks in? there will be a collapse of barriers to entry, and a flood of new vendors popping up, offering similar functionality MUCH cheaper. It may take some time, and yes, this is a very crowded short for those in it that way, but at this price, I think it is a very risky stock.

We are in agreement: this is a good company, but I don't think this valuation is sustainable, and industry fundamentals are not in their control.

GL