Sam:
What is fascinating about this market's attitude towards the PC/semi tech stocks is the degree of denial.
I'm a tech freak, and I enjoy messing with many aspects of it. I also believe that it is the arena where investment opportunities are most prevalent. That said, it is also a fast-moving river that typically rewards an awareness of its changing landscape and penalizes those who are not observant.
For close to three years, PC sales growth has been deteriorating; a gradual eroding action at first, but now a plunge off a cliff. It has been so darned evident that a blind maggot could have spotted it. Yet PC/semi stock prices have continued to ascend, nudged to ever higher altitudes with each new "target price", even as the evidence of a coming disaster piled up.
A single question comes to mind,..... "Where are the analysts?". Surely the title of the occupation - "analyst" - defines what they ought to be doing. In this weird environment, the terms "Promoter" or "Flack", or "Historian" appear more appropriate, even generous. With but a few exceptions, the entitlement that best fits today is "Pimp". It will prove costly to investors who do not recognize the altered job description.
Best, Earlie |
