The best thing I did in 1997 was to drop Murphy's stock letter. I curse the day I subscribed. He has been wrong so long on this stock it serves as one of many examples of his folly.
To: Greg h2o (1952 )
From: DR. MEADE
Thursday, Feb 12 1998 10:07AM EST
Reply # of 1978
ichael Murphy is a man with a message: The ''New Economy'' is
technology, and investors stuck in the ''Old Economy'' are
destined to
be left behind.
It doesn't matter if you buy technology stocks or technology funds,
says
Murphy, the founder and editor of the well-known California
Technology
Stock Letter. The point is to buy technology - and BUY IT NOW!
Murphy was in town yesterday, hawking his vision and his book,
''Every
Investor's Guide to High-Tech Stocks and Mutual Funds''
(Broadway
Books), which is getting good ink in places such as The New
York Times
and Business Week. We know Murphy from his daily CNBC ads,
and somewhere
along the way yesterday we asked him what kind of numbers his
newsletter
put up last year and how it stacked up against the competition.
''I'm not sure. I just haven't seen them,'' said the 56-year-old
Murphy
curiously.
An investment letter writer not able to cite his most recent returns
is
a little like Wade Boggs not knowing his batting average. What's
the
chance of that?
Let's just say the numbers aren't what you want to take out on your
next
book tour.
In last year's roaring bull market, Murphy's model portfolio
produced a
loss of 36.7 percent while the Wilshire 5000 was up 31.3 percent.
That
ranked Murphy's letter number 140 of 142 newsletters followed
by Hulbert
Financial Digest, which has long tracked the advice business.
On the upside, this stock seems to have true merit and with an incredbile amount of patience there may be hope.
I will not sell on any announcement.
Matthew |
