PSN was my first major catastrophe with investing. After a few days of reflection (and no sleep), it all seems crystal clear. This is a company whose book value is essentially equal to its accounts receivables. Prior to last week, the market valued PSN at 7 or 8 times its accounts receivable. Now it values it at 3 times. Since they can't seem to collect their bills, this evaluation still seems hyperinflated to me. Compare it to other oil and gas service companies out there. CFW trades barely over book value. Though not the same business model, this is a company with a very healthy balance sheet, lots of assets, and great cash flow. And people like me paid 8 times book value on PSN just for the dividend? Crazy!
I will move away from this catastrophe with some valuable lessons I will never forget. I feel very foolish having squandered valuable space in my TFSA which I will never get back.