Semi-Equips - Buy when BLOOD is running in the streets! Message Board

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Technology Stocks : Semi-Equips - Buy when BLOOD is running in the streets!

LRCX 142.62

+2.2%

Nov 21 9:30 AM EST

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To: Proud_Infidel who wrote (8800)	10/18/2000 4:50:33 PM
From: LemurHouse	Read Replies (2) of 10921

<<<I seriously must question the objectivity of analyst research, to stat it mildly.>>> There's a great old book that completely explodes the notion that analysts, brokers, and other "experts" can effectively guide us little individual investosr, or that they even give a damn about sincerely wanting to do so. The book is "Where are the Customers' Yachts?" written by Fred Schwed (sp?) in the late 30's. He takes the from the old joke that a naif from out of town is being shown around New York, and particularly Wall Street and the financial district. They get to the foot of the Battery, where the host points out all of the fabulous luxury yachts, saying "...that's the yacht of investment banker so-and-so...that's the yacht of broker (read analyst) such-and-such..." The rube asks "but where are the customers' yachts?" And of course there aren't any. Its a funny book which lampoons the industry of investment information & analysts and demonstrates that these folks' are in the business of providing "guidance" to the investing public -- a public which desperately wants it, and quite obviously is willing to pay big bucks for it even though there is little rational justification for doing so. Despite my cynicism about the sell-side analyst community, I am regularly astonished by the rapacity with which these guys will milk their clients -- and indeed the market as a whole. Sometimes its good for a laugh. Othertimes, the best we can do is I think to bide our time and try to take advantage of the grossest excesses. Easier said than done, sometimes. I think I'll go dig out old Fred and remind myself that its a funny game. The book is still in print, if anyone is interested. Published by whomever is doing the series on investment classics. (All of the books in the series have been well worth the read, by the way. I think its John Wiley Publishers that's doing it.) Cheers.

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