No one will hear more from these clowns
At least for some time, perhaps until it is time to defend in a class action suit or 2.
Once they were anointed saviors by the "trillionaires" at 2000 annual meeting, the wonder boys felt they could do no wrong, and with a glint in their lovely eyes felt very justified coasting by with minimum news all the way to the sellout from the time of the Uncle Allen infusion. Some show of faith, and what genius stewardship. Sit on a mound of cash just like a bank, report the interest as earnings then wait for the dot bomb door to open, open chutes, land in great personal financial shape. Slick and quick.
Yes, no one forced them to sell the company, just like no one forced any one else to keep holding no matter what in the folly that A) Things have to and will get better guaranteed! 30% down is not sustainable! OH, now 90%? No problemo! And b) That the market would simply ignore the clearly deteriorating technical picture and fundamentals and say what the hell, break out the champagne in honor of the "thousandaires" heading of to a pilgrimage in Shangri La.
Stop losses, lock in gains, what for, who needs them? Hogwash... Complete confidence in cult leaders is all that is ever necessary. Letting fat profits turn into serious irrecoverable losses does not matter, just join a group and belong to a clique, catch a few falling pianos with some mad money, express undying emotion and unreturned love for some run of the mill exec. officers that obviously only were out for themselves and were lucky enough to be in the way of a fad in the first place, and all pains large and small are thereafter eliminated.
Of course, the next bottom is right around the corner now that the damage has been done. $2 can't possible be seen, much less $1. Shuuurr. Along with all else, increasingly such articles like the recent one in USA Today harshly critical of the "pro forma" charade by companies foisting the best face forward but now increasingly under scrutiny by the SEC to tell the damn truth and stop misleading, won't instill much confidence. However, that won't stop those who will never give up on the mania mentality, and who now just desperately need scapegoats so they can conveniently avoid personal responsibility and perish the thought, won't EVER have to be deprogrammed from the Horowitz lovefest cult. |
