I "happened" to publish this list at just about the local market bottom. In the 45 days since March 2nd, the market has shot up 22%.

The 17 negative EV stocks I listed came up an average of 26%, outliers include XING at almost a double, and the related QXM and also EK & ESIO at up by half. Only two decliners, ATV dropped a hair and PDII the big loser, down over a third! (meaning will have to go up about 2/3s to get back to even....)

Removing the outliers of XING/QXM and PDII, the remaining 14 still returned 24% as a group. I don't think one had to be 'lucky' in this list as, to use a sports analogy, the bench was deep.

Now the question in my mind is, should one look at the 2% outperformance and say, 'ehh, not bad, but it's such a short time, just buying the S&P index would be simpler, why waste effort searching for individual stocks?"

Or can one postulate, "The reason why the S&P shot up so much is because we can now find negative enterprise value stocks in bulk?"

I welcome any comments!