Yesterday on CNBC after hours Sagawa said he thought Lucent was a "buy" at these levels. So he's on the record saying basically the same thing at $80, 70, 60, 50, 40, 30, 20 and 15.
At some point he'll be right. Though with LU, there are so many other beaten down companies with far brighter futures I can't imagine why anyone would feel compelled to buy it.
I can't decide if he's a schmuck or a weenie. Probably both. I hate fat self-important types.
Whenever I see him on CNBC, I'm reminded (once again) of Evelyn Waugh's description in Brideshead Revisited. Referring to the character based on Lord Beaverbrook, one of the main characters says, "He's a little piece of a man pretending to be whole."
That said, as an analyst he doesn't need to have people skills. In fact, they're probably a handicap. As a professional, though, he would be more credible if he'd offer a balanced analysis between circuit-switched/Sonet spending and optical/DWDM. Since it doesn't fit his negative scenario, I suspect hell will freeze over first.
As for watching the market, when logic fails, I give up and turn to those household repairs I've been putting off for months. If the "clean the attic" indicator remains intact, we're near a bottom.
Pat |
