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Technology Stocks : Presstek -- Stock of the Decade??
PRST 0.00010000.0%Jan 2 9:30 AM EST
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To: E who wrote (5465)8/28/1997 9:37:00 AM
From: James C. Shircliff   of 11098
 
Dear JM, Good morning.
First, my references to the letterwriter and the "analyst" do not imply that they are a "witting" part of this rig. (As in rigged stock, but I like your assumption that there is a "ring.") In fact, I would bet that the letterwriter is an Unwitting part. He's just touting a stock that he has a major position and belief. Everyone on the street does that! I have no problem with the letterwriter except that I disagree with his opinion.
As for the "analyst," a respectable Wall Street firm issued lengthy, and well-written recommendations of PRst back in 1994/1995. His assumptions and earnings projections were, uh, very verry optimistic, as were the letterwriter. These two recommendations, complete with the Pie-In-The-Sky estimates were used to get the masses all worked up about the stock when the "short squeeze" icing was put on the cake. The game was on.
In short, the estimates and assumptions of both the letterwriter and the "analyst" were way off the mark and I like to refer to those as mistakes which are still in use to get people to buy this stock.

That probably needed clarification with legitimate investors like yourself. Others knew right away whom I meant.

Jim :-)
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