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Technology Stocks : 2000 Date-Change Problem: Scam, Hype, Hoax, Fraud
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To: PJM001 who wrote (1)6/1/1997 8:22:00 AM
From: Bill Wexler   of 1361
 
To answer your questions:

1) No 2) No 3) No

What's really funny about Zitel is if you follow the thread back to late 96, you'll see that the same controversy swirled when the stock was trading at 20. It had reached that price on *enormous* hype and was at an all time high.

Now here we are, 9 months later and Zitel is back at 20 - the only difference this time is the company has posted increasing losses, acquired huge debt and there seems to be all sorts of funny-business at Matridigm. The suckers have an interesting investment strategy: the more the company deteriorates, the more they are willing to pay above its true value. These are probably the same people who've been shorting Microsoft and Intel since 1988.

I laugh when I read all the comments from the bulls about how they doubled and tripled up when the stock collapsed from 70 to 20. I wonder if they'll continue buying more stock as it winds it way back down to 1. My guess is they will. In fact, I'll bet you they'll be talking about enormous Y2K profits when the stock is back on the pink sheets.

I know its frustrating to have to deal with the volatility when you're short. However; how on Earth can short-sellers in these story stocks profit if there aren't enough suckers out there to drive the prices to absurd levels?
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