Kerry, I never put much faith in the doctrine of strong market efficiency, but I'd argue that the role of analysts in price movements, exacerbated by the Net and new broadcast media outlets, is something anyone interested in seriously examining the concept of market efficiency in all its forms should look into. I'm sure there's a doctoral thesis in there, perhaps across a number of disciplines (finance, public policy, business ethics, securities law)
He reminds me of some of the British music press (NME, Melody Maker, etc.) who build up bands only to have fun in tearing them down (remember the Happy Mondays?)
20% upside call, August 6, 1997? Well, it's funny, but can you guess the number of days the $SOX traded above it's 8/5 close before he started pulling the plug? I'm fairly sure it's ONE.
I'd argue that in making that 20% upside call, TK effectively managed to call the short-term top on the $SOX, and again, as you rightly point out, some of his calls "work" only because they're to a large extent self-fulfilling, made possible by combining a large salesforce with with money managers who just aren't comfortable taking prudent risks.
As far as MBA's go, yeah, as yours truly has shown by now, we're all just cookie-cutter cut-outs...hey, wait a second...
...could that be another addition to the growing TKAF line - TKAF Cookie Cutters?
I mean, the holidays are approaching. <g>
Good trading,
Tom
FWIW: CNBC reporting UBS downs INTC to hold f. buy; DELL & CPQ cut by another firm, although DMG has positive comments on DELL...looks like more wacky crazy stuff ahead... |
