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We have been seeing increased volatility in the markets.
-- -- the swings just keep bringing us back to where we happen for awhile but Overstock.Com.
Has been weathering the storm and skyrocketing.
OK first off its stock -- risen 82% in just the last three months.
But even better than that it has jumped 330%.
Year over year.
Joining us now in a Fox Business exclusive interview the first since his return from a leave of absence is overstock dot com's chairman.
Patrick -- a little -- housekeeping first Patrick because you know.
We love you -- I'd I'm not one of those guys who throws around the loved -- but a lot but we do love you because.
Of who you are and what you've done with a company you've come back from a tough illness god bless you we wish you the very best and by the way.
Since you came back the stock has been on this tremendous uptake.
Cool -- events I don't think so.
Well that's very -- I was beginning to where you folks didn't love me anymore hadn't heard from him so long.
-- -- we have the opportunity you know that Patrick we want a job as soon as we could we're happy that you're here.
Thank you it's an honor.
So so is you know I I got to ask army is the tremendous upswing in the stock since April -- result of your coming back.
Not at all not at all look we've been building as you know I'm a deep value -- guy.
I -- by your friend and mine mr.
And -- value investing sees everything it's all about fundamentals and economics we have built a wonderful machine.
Great earnings power.
That -- is now expert well has actually been expressing itself for some time for -- sharper observers and so -- the fundamentals have been it just really in the last four years I'd say just really starting to express themselves.
I took I was gone for six weeks eight weeks for the little.
Little health incident but I don't I don't think that -- anything to do with the stock price where where.
Were you Patrick the fountain of youth you look fantastic if I'm picked up -- -- who can -- I thought you never notice.
After that I know each other for fourteen years so I notice OK -- and we're glad your back and and I guess the question becomes.
Here Bank of America says we're downgrading the stock on valuation because it has risen so far so that's.
What as a CEO can you do to address that if anything mean or who who doesn't want to stop -- -- I don't care at all I do not care at all I've never read an analyst reporter right I can barely remember in the ten years we've -- public -- I've ever read.
I know I -- I've spoken -- that followed Matt -- Fine fellow -- it I don't pay we don't pay any attention to the stock price is essentially grounds for dismissal in the company.
To talk about the stock price.
We don't talk about it they did as Buffett and I don't -- a friend of yours -- young teaches you just to focus on the fundamentals and the rest.
Buffett's teacher Ben Graham said in the short run of -- market is -- voting machine in the long run it's a scale.
In the short run it's all these passions and you know what and lies people tell and all that kind of stuff.
In the long run true value when you build real value if it it expresses itself.
Would not agree with you more it's great advice bots.
Having said that Patrick and again it you know an 8% or 12% pullback which is what happened today is nothing compared to what how it's been rising.
Specifically what this guy was worried about is that the dollar amount of the orders for Overstock.Com is increasing that's good news but.
The customer base.
That may not be good -- are you losing market share.
Now he's completely -- analyze that I I got an email saw that that's the one paragraph I did see as I drove over here it's completely missed analyze things.
I got to mention I don't want to impugn anyone's motives.
But this this very this in this -- mother -- lost lawsuits that we have filed against Wall Street some years ago.
Let a bunch of the people out but we have left Goldman Sachs and Merrill Lynch I think we've got the goods on the two of them.
Off -- Rolling Stone in the economist of all filed a joint suit to sort of get.
The facts that we've gotten in the shoot.
Are released to the public.
So the public hasn't seen them I know what we have been there I don't think any final weeks a million I mean I think viewers are listening and saying what's he talking about.
Oh you know that and merit 04.
We went public and -- two by 04 I became.
A -- -- are going to go.
Well -- -- a lot of dirty business going on Wall Street besides just short of naked short selling and insider trading and -- -- manipulation itself.
So I filed this lawsuit -- -- well against a hedge fund which paid off nicely.
-- 05 or six and again and 07 we filed a lawsuit against basically the whole prime brokerage business.
Most of them all of them but Merrill and Goldman bought themselves out with a very large seven figure.
Number but we have the goods twenty million pages of discovery have come through from Goldman and Merrill.
I don't think any normal -- -- would survive what we have but we can't release it to the public.
But Merrill Lynch got absorb Merrill Lynch went the way of -- buffalo and -- the only got a -- by attacking America.
So now isn't it funny back in America's had eight I cell learn underperform on us all the way up from about five bucks.
Now we're 2728.
-- still saying cell.
I wouldn't be surprised if there is some political pressure within Bank of America.
And on that score but it's already -- -- in the SEC have already brought all kinds of actions and find tens of millions of dollars.
Against some players on -- Let me just correct one thing just to be fair Bank of America downgraded due to an underperform but they did have a -- I just want to get that out there Patrick he did have a while the stock.
They had a buyer for couple months the had to sell from five to Arnold say fifteen or some things.
All right -- -- don't -- a lot of -- to pick but let's just quickly -- we finish up on the website David and I were looking at some of the products and you still have some really great offerings.
You see the consumer coming back how will the housing market the -- -- affect you guys.
-- housing market is good for us we are we we -- a lot when people it's our customers when they move we hear this all the time when they move her or when they get a new house.
People coming over stock.
In general our prices are 9% lower than Amazon's and we better customer service so we are getting -- really devoted customer base -- right.
And everybody knows you by the way from over stock you mention one mentor Warren Buffett I wanna mention another one of your mattress Milton Friedman you keep that dream alive -- educational choices chairman.
Of the Milton and rose Freeman foundation for educational choice.
I know that's a passion of yours I wanted to mention that god bless you great to see you Patrick you do look wonderful terrific to have you back in the saddle thanks Patrick.
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