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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED

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To: Jim Willie CB who wrote (35213)	4/4/2001 1:26:25 AM
From: stockman_scott	Read Replies (1) of 65232

Jim: Inktomi's CEO claims that this has been THE MOST SEVERE quarter in the tech sector he has ever experienced (and he has 23 years of history)... siliconinvestor.com It must be rough for Peterschmidt to give a keynote at Comdex in Chicago tomorrow when his stock price just dropped another 50% to a new 52-week low -- INKT has gone from over $180 to under $5 in the last year...utterly amazing....IMO, the large Fund Families (the Fidelities, the Janus's, etc) have been selling tech stocks like they are going out of style...This sell-off didn't happen because a few of the retail investors got nervous...We also have MANY of the big Hedge Funds that have been shorting the QQQ and the former tech high flyers as well. I'm not a big fan of the Hedge Funds -- they primarily are designed to benefit the wealthy (their main investors) and they add a tremendous amount of volatility to the market. Many use way too much leverage and become irresponsible (like Long Term Capital). Maybe Congress or the SEC should come up with a few new guidelines to reign these folks in. I doubt they could count on your good friend Greenspeak to bail them out if they get into real trouble this time...=) Best Regards, Scott BTW, this evening Bill O'Rielly was calling on Greenspan to resign. I tend to think the markets would welcome that BUT I do not expect this to happen. IMO, Greenspeak has too much pride and may have let his ego get in the way of doing what's right for the country. I think someone like Bob Rubin could run the FED in a much more responsible way...JMHO.

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