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Technology Stocks : Global Crossing - GX (formerly GBLX)
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To: pass pass who wrote (1699)9/5/1999 7:06:00 AM
From: Robert Scott  Read Replies (1) of 15615
 
Typical Barron's - pound the stock AFTER it's fallen 60%!! Like a lot of analysts I've known! Reminds me of 1993, I had just purchased 200 shares of Cisco (when Cisco was growing revenues and earnings 100% a year and had a PE of 40 - those were the days), anyway, and Barron's comes out with an article that plows the networkers under. Basic jist of the article was that networking products were becoming commodities, competition would bury margins and it would be a good idea to get out of the business. What a call!! Scared me enough to sell 1/2 my position. Except for the 50% plunge the next year (due to the fear of ATM), it's never looked back.

Long and short of it is that Barron's is usually dead wrong or at best late to the call! They have been mostly bears about everything for as long as I can remember. Another article in this weeks issue talks again about how overvalued the market is (should be at 8000). I just looked at my portfolio and 1/2 of my stocks are at or below their 200 day moving average. In other words (and this is the way it has been for years) the high cap stocks that make up most of the averages are priced very expensively but the overall market is not that high!!!!! They cannot seem to get this through their heads. Oh well, screaming the sky is falling apparently sells more magazines .
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