After down 8%, P/E still 28, too expensive, page-58

Thanks Paul for your article on the trading game, I agree it is important to research companies yourself. Without referring to any articles in the press I do know, through a little research that HSN...
Carries little or no debt
Has a global footprint
Has cash in the bank
Has superb management
Has a pretty good defensive moat
Has growing profits
Trying to identify if HSN is a good business is the easy part. Now here's where it gets tricky. HSN is downtrending, where is the bottom?? Going of the report it doesn't warrant a fire sale. I certainly wouldn't sell a position in this stock, quite the opposite I'd be buying. The market on good and bad news always overreacts. Some old bloke in the US once came out with this quote.. "be greedy when others are fearful and fearful when others are greedy". I got greedy a couple of days ago, I've not picked the bottom but I believe (with a long term view) I've accumulated more HSN at a good price.