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Non-Tech : Bill Wexler's Dog Pound
REFR 1.560-2.5%Nov 7 9:30 AM EST
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To: Bill Wexler who wrote (6694)2/14/2000 3:41:00 PM
From: Bill Wexler  Read Replies (3) of 10293
 
I was WRONG, WRONG, WRONG about WM, SAFC, and ONE...they're out!!

I just got off the phone with a friend in New York I have a great deal of respect for when it comes to the banking business (he suggested buying BT in the fall of 1998, shortly before they were bought out at nearly twice the price...a pick I discussed on my old thread).

We had a long talk about the down and out S&Ls (I was long WM..until about 5 minutes ago). I think that they will rise smartly once interest rate pressure subsides, he seems to think that the game is over (no matter where interest rates head) and suggested selling the stock. The explanation was lengthy...but compelling. Maybe I'll do a much more detailed synopsis of his reasons in the future.

So I've kicked out the WM and I'm also kicking out the ONE and SAFC...all at losses (though - thankfully - not considerable ones, since the positions were started when these stocks were already at low ebb).

I am going to concentrate on GT and MAT in the value arena with MO as a wild gamble. I will also maintain a few other small value positions. DIS is no longer a value play IMO, since it has already risen about 50% from my entry point, and the multiple is a bit stretched.
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