Abby Putting New Spin on Same Old Bullish Story
By James J. Cramer
3/7/01 11:26 AM ET
Nothing "rigorous" to Abby Joseph Cohen's call. No brainstorms. No logic that I haven't heard before.
However, Abby, a terrific spinmeister, used this call to do something extraordinary: pitch herself as someone who was antitech at the top and is now pro-tech because it is the bottom. And what makes her so sure it is the bottom? High cash levels in mutual funds.
This is an extraordinary accomplishment for this gifted strategist. She has taken credit for getting you out of the Nazz at the top and now wants credit for getting you in at the bottom.
If I were an equity strategist at another firm I would be furious that the Goldman Sachs analyst is trying to take credit for sidestepping the whole morass, given that her firm's research department didn't get negative on the worst part of tech until the bottom. It seems so two-faced, so extraordinarily non-rigorous.
But part of being a great strategist is acting out the role of great strategist. You can position yourself any way you want. There is no independent investigating organization that will look into her claims. There is no analyst court of inquiry among peers that says "Abby we forbid you to take credit for calling the Nazz top," or "We demand that you tell us, give us a real reason why this is the bottom in tech, given that your tech team last week told us to get out."
Instead there is just guys like me, saying, "Hey, nice positioning."
What a game! |
