The vaunted "Plunge Protection Team" are by appointment too
As has been charged by many an ultra right wing conspiratorial bear during the 90's bull market!
Uncle Greenspan and the Justice Dept. deserve much criticism. However, at what point does trying to find scapegoats for the nasty market conditions seem like the Miami Heat the other day blaming the refs for losing the playoffs, instead of accepting personal responsibility for how they played the game?
Investors are going to look for all sorts of reasons they are getting mauled, but the old adages of dont fight the fed and valuations do matter have been largely ignored, making any sparks to ignite and illuminate a fire by any particular persons or events much more glaring.
About leadership, some would say that Russ and gang has been somewhat lacking in that dept. witnessing the news blackout comparitive to the companies' peers, and the horrid stock price action relative to when the nasdaq was last at 3,100 in mid November. GNET will have to gain about 60% from here just to get back to that point (mid 60's)
That would be unfair to place total blame on the company and the officers. There are many variables as well, just like with the entire market.
A lot of Digeo component investors probably are not very enamored of Paul Allen right now, and other investments he has made are in tatters as well. (brings to mind the movie Midway, when the Japanese admiral looked through his binoculars in horror and denial at the flaming carriers quickly going under) His investments are getting totally creamed, Charter has been a straight elevator down since the IPO. HSAC is almost a penny stock now. All the others are in horrific shape as well.
The question I have, is why did he just file to sell 75 million plus shares of Microsoft! His detractors would just cite that as another example of a poor investment track record, why sell out now that MSFT has been decimated 50% off from its high? Is he seeing something very ominous, or is he planning on propping up some of his other investments with the proceeds?
Some random thoughts and food for thought tonight.
Regards |
