Bill Wexler's Dog Pound Message Board

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Non-Tech : Bill Wexler's Dog Pound

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Nov 10 3:59 PM EST

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To: DanZ who wrote (2860)	8/5/1999 2:59:00 PM
From: BelowTheCrowd	Read Replies (3) of 10293

Those who think that institutions can smell out a scam may want to look very closely at an ex-company called Crazy Eddie. The darling of Wall Street for a couple of year. Virtually everybody involved with it went to jail. The institutions got killed. Or consider Mr. Soros' Russian investments. Or Julian Robertson's pathetic performance in companies like US Air, which they are finally trying to FORCE into doing something profitable. And you can look at all the institutions which poured tons of money into Phoenix S&Ls, Integrated Resources, or many others. Stupid people? No. Fail to do due diligence? No. Blinded by their own faith in their decisions. Usually. It cuts both ways. Shorts are -- in my experience -- generally a whole lot more objective about stocks. It's a lot easier to be objective when you train yourself not to think of a stock as "my" company, as shorts necessarily have to do. The fact that a single institution is buying a few thousand shares of some small-cap company with a dubious cold remedy doesn't mean that I should follow. They're often dumber than I am. No position in GUMM, short or long. Just making an observation. mg

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