It’s Time to Get Greedy With Ellie Mae Inc
The most recent quarterly report for Ellie Mae (NYSE: ELLI) -- which offers the Encompass platform for the mortgage business -- was brutal. Mortgage volume fell 8%. In the face of rising interest rates, refinancing fell off of a cliff. Guidance was cut significantly. And it appears home buying could be constrained for the foreseeable future.
As a result, shares plunged as much as 20% in a single day last week. Immediately, I doubled my position in the company. It now accounts for almost 4% of my real-life holdings. To understand why I'd do such a thing, it's important to get our head above the clouds and take a decades-long approach.
Take the long-view. Image source: Getty Images
Source: Fool.com
