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Technology Stocks : America On-Line (AOL)
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To: Jeff Dryer who wrote (27372)7/29/1999 6:42:00 PM
From: Dave A.  Read Replies (1) of 41369
 
Jeff,

Analyst recommendations ARE the curse of death. There was a book, I believe Bernie Schaeffer's classic book, where he says he has a graph showing the price of GM plotted against popular magazine articles about the auto industry. At the bottom of the curve, TIME had an article with a title like "The Auto Industry: Does It Have A Future In America?". At the top of the curve, TIME had another article praising the auto industry and practically had centerfolds of the CEO's.

Mr. Schaeffer gives the reasons for this, which come from contrarian investing. Basically, when everyone is singing your praises, your reputation can get only worse, never better.

Analyst recommendations ARE the curse of death.
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