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Strategies & Market Trends : Gorilla and King Portfolio Candidates

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To: Bruce Brown who wrote (35183)	11/22/2000 5:36:49 PM
From: Wyätt Gwyön	Read Replies (1) of 54805

Bruce, Glad to hear that you read the article. I didn't really want to get into a metadiscussion about perma-bear losers, but that's where the winds are blowing... . I also read versions of the same over this year in regards to Dell Computer from the same source It was my first time to read something from Tice (although I knew about him due to Tyco and some blurbs in Worth. I have been privately (well, not so privately :) fretting about options stuff for a number of years, and his article articulated a lot of my concerns. He also cleared up something I was curious about: Question: When a co. issues options and the stock falls significantly (like MSFT), how can they get around the expense recognition problem in marking down options strikes? Answer: Leave the outstanding options as is ("naked", essentially) and issue new options. Doubling down, essentially. Tice and Fleckenstein have been roaring 'bears' for years I don't read Fleck much. I am not too interested in a play-by-play on the market; I'd rather read somebody who "drills down". He kind of reminds me of Cramer, except that he is a bear with hair. I prefer wordsmith Jim Grant for the perma-bear angle. Many perma-bears have a habit of looking down on the "ignorant masses" that go long in our "bubble" of a market (witness the "Clown Free Zone" and "All Clowns Must Be Destroyed" threads on SI). Fleck also incorporates many juvenile jabs in his daily goulash ("Easy Al" and "People's Momentum Daily"). Grant does the same in more elegant fashion. Meanwhile, Alan Abelson never misses an opportunity to remind the reader that analysts have room-temperature IQs. It is understandable that those who have done well in the great bull market would tend to look askance at these characters. But I try to cut them some slack. I think the bears have developed these verbal tics as defense mechanisms to help them cope with the cognitive dissonance of the past few years. That doesn't mean they never say anything worth thinking about.

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