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Non-Tech : Cendant Corporation (NYSE:CD)
CD 6.550+6.7%Dec 8 3:59 PM EST
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To: Neal davidson who wrote (511)5/6/1998 11:47:00 PM
From: Wowzer  Read Replies (4) of 3627
 
It might be odd, but at least it is refreshingly honest. Most people would never admit that they sold in a panic only to buy back a couple of hours later for a little higher price. He stated his reasons why he bought back and could very well be right. Anyone who actually buys and sells based on solely on a poster opinion is the "odd" one in my mind. I sold today solely on the fact that the audit was pushed back. Just didn't sit right with me.

Yes I have a jaded view of audit. The big six firms use college grads who go in knowing next to nothing about the company's business. They start off talking to the CFO who usually has 20 plus year experience and talk circles around these kids er um auditors. The auditors usually find some rinky dink findings and move on, barely having a clue what they were looking for. But when all hell breaks lose like what happened with CD that's when they send in individuals who might actually know what they are doing. These auditors go after every skeleton they can find and don't believe a word the CFO is saying. Remember the accounting firm has egg is all over the face since they signed off on the 1997 financials. They are now out for blood. So when the audit was extended, it led me believe they may have found some additional skeletons.

Not trying to convince anybody to sell, just stating my reasons why I sold.

Rory
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