Disclosure
We are short shares of Straight Path Communications Inc. Please click here to read full disclosures.
As we discussed a year ago in our original report on Globalstar, the stock market has a sad history of gullibly buying into grandiose narratives about spectrum value. In Straight Path (NYSE MKT: STRP), the latest and, in some ways, most egregious example of this phenomenon, the market has found an unlikely object for its enthusiasm: a company with only seven employees and $426,000 of annual core revenue headed by a 29-year-old whose…