What has Bill Wexler (and in the case of Robert "psycho" Yeast - that would be MR. Wexler) been up to?
First of all, I want to say hello to all my pals.
Like many here, I took a colossal beating in the tech stock collapse of late spring. What really irks me the most is that I made an attempt to buy value a few months prior to the crash (check my past posts regarding WM and MO). Unfortunately, I made a horrendous decision to abandon that strategy near the bottom of value and buy more momentum-tech near the top. My losses to date exceed the high six figures. 2000 is shaping up to be the worst year in my investing career, and the first time in a decade where I will probably show a large net loss.
I should note that I covered the GUMM and REFR stock frauds for significant profits. REFR has since bounced back a little, but it should still be shorted with the understanding - of course - that it is a highly manipulated stock. The GUMM story is - for all intents and purposes - broken. The fraudulent claims surrounding its worthless Homeopathic cold "remedy", along with a market that carried the turds up along with the good stuff in early spring helped propel this stock to an obscene valuation. it still hovers around 11/12 a share. It's still worth less than 5.
However, I live to play another day. I have built up a lot of cash, blown out a lot of stock, and I'm shopping again.
First on the list:
COMS intrigues me again. As most of you know, I rode this to big profits prior to the Palm spinoff. The company has exited the high-end networking business and the stub that is left after Palm has about 8 bucks in cash per share. The sentiment is quite negative on this one since COMS has a history of poor execution, but I think there is more here than meets the eye. COMS management is refocusing and buying back a lot of stock. I think this one is going much, much higher and should be accumulated in the teens through low 20s. |
