WDC/Sandisk Corporation Message Board

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Technology Stocks : WDC/Sandisk Corporation

WDC 160.71

+3.4%

1:30 PM EST

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To: JJB who wrote (7657)	10/14/1999 5:53:00 PM
From: Art Bechhoefer	Read Replies (1) of 60323

JJB, you're right. The relatively small float of available shares makes SNDK a prime target for market manipulators. While the SEC can sometimes prevent this sort of thing, if it is based on insider trading, they're helpless when it comes to publicizing misleading information. The argument is always that it's simply opinion, protected by the first amendment, even when the factual basis in wrong. The best way to stop this sort of manipulation, which destroys the confidence of smaller investors in the market system, is to take the advice of Warren Buffet, who once said that he thought any investment held less than a year should be subject to a 90 percent capital gains tax. Maybe it was 99 percent, and maybe the time element was 30 days. But the main point is that a tax on speculation (sometimes used in the real estate market to prevent "flipping" properties for momentary gains) could discourage these wild fluctuations and in the end actually ENCOURAGE long term investments for gains based on genuine growth in earnings and assets. It is another example of why intelligent regulation can make the "free" market perform better than it would if it were totally unregulated. Art

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