Well, I'm not short, and in fact don't have a position, other than personal relationships with Titan management and some of the dealers.

I wouldn't own it or short it, it's too controlled. A very few number of people can do as they wish with the price. They may decide they have to take it back private (or be acquired by CNH), or they may decide to blow it out, if FIAT disposed of CNH say.

So there's no fair market value here, very similar to the share price for CNH, being some 90% owned by FIAT.

Second, are you asserting that their current growth strategy of buying out dealers is a long term growth strategy? I would counter that there's only a finite number of dealers, and growth through acquisition and/or greenfield startups is never sustainable.

Further, you didn't even comment on the notion that more capital would be needed.

In short, your drive by analysis is demonstrably wrong. So, what's your position?

F.B.