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Biotech / Medical : Laser Vision Centers, Inc. (NASDAQ: LVCI)
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To: W Shakespeare who wrote (394)9/28/2000 1:55:31 AM
From: W Shakespeare  Read Replies (1) of 413
 
Oh, well. It looks like I am the only person left who is stupid enough to own LVCI stock. Therefore, I will answer my own question.
LVCI is continuing its pattern of a run-up to earnings, followed by an excellent report that surpasses expectations, resulting in a plunge in the stock's price. Investors still have a major aversion to the sector and to all of its component stocks.
I still believe that LVCI is the exception to the rule. The company's management has kept the company profitable under the worst of industry conditions. This stock will prove to be a valuable holding.
Unfortunately, I have no idea when investors will begin to discern the difference between LVCI and its less nimble (and unprofitable) competitors. Furthermore, I find no rational reason for the industry to begin to consolidate. I can see no incentive for anyone to buy out the money losing, poorly run companies in the industry. The idea of "market share" is meaningless in an industry that only serves each customer once. Finally, VISX has made the entry point cheap enough that it is not cost effective to buy out existing players. So I will sit and wait until LVCI's earnings are attractive enough and its growth predictable enough to earn its stock a premium.
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