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Politics : Ask Michael Burke

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To: mishedlo who wrote (87478)	12/22/2000 7:36:26 PM
From: Knighty Tin	Read Replies (3) of 132070

Mike, If the market discounts the future, why didn't it know about lousy Xmas sales in August? Nah, the market discounts the consensus view of the future, which is rarely correct. You are absolutely right that an overpriced stock declining in price does not make it cheap. One of my call stocks, Incyte, was at $144 in the past 12 months. That did not make it a buy at $100. Or at $80, or even at $40. Even now in the low 20s, I am using long calls in a 90/10 instead of taking the risk of owning the stock outright.

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