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Technology Stocks : Presstek -- Stock of the Decade??
PRST 0.00010000.0%Sep 29 10:16 AM EST
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To: cc rogers who wrote (555)6/28/1996 1:02:00 PM
From: Fred Puppet   of 11098
 
Your opinions do seem rational, probably because you (and I) have no
stake in PRST. After the front page WSJ article stimulated my interest,
I stumbled on this thread and thought I'd take a look. I haven't
learned much about Presstek, but the insight into speculator
psychology is great.

The first I ever heard of PRST was a Barron's article a few months ago.
Shorts were hurting at the time. Instead of admiting they were wrong,
they blamed a secret conspiracy of stock manipulators. I see there is
an older thread referring to PRST as a pyramid scam. Although I
haven't read it, I guess that thread was dominated by the the Shorts.
Maybe they were looking for psychological support from others who
would mirror their own ideas rather than proving objective analysis.

Now that PRST has revearsed course, it's the Longs who need group
support. Their thread refers to PRST as the stock of the decade.
Again, rather than admitting they were wrong, they come up with a
grand conspiracy theory. This time the financial news media has
secretly conspired to bring down the price of some obscure stock.

Your analogy to (some) deeply religious support groups is right on
target. People that are insecure in their beliefs are often afraid
of new or objective ideas. By banding together with like minded
folks they create a small isolated community where their ideas
are clearly accepted and "right". Then they don't feel so bad inside.

This really is an intersting situation. I'll keep reading for a while
and see how the group therapy develops.

Amused,
Fred
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