I call this particular analyst foolish because he stood by his pronouncements in spite of direct contradiction by Nokia IR and then Nokia management almost from the time he made them. I've always felt that analysts should be held accountable for their prognostications and recommendations when they are wrong as well as right. The last several years it seems no one has held them accountable for anything except their superiors who judge them by the trading volume their brokerages accrue. Incidently, Nokia bulls can be foolish too in my book.
I didn't mean to impugn this thread with my remarks about eating crow. Slacker and Carranza both attacked me vehemently, here and elsewhere, for pointing out what I considered reasonably solid evidence that the analyst in question had reached an incorrect conclusion. In fact, as I recall, the tone of Slacker's posts, in particular, were pretty strident and critical of my remarks. I feel smug to have been vindicated. Surely both posters are man enough to admit to having been wrong, which is all I said. As for me, I'm just venting a little self-righteous steam after having had to remain silent to their protestations for a couple months before being able to present evidence in support of my case.
I know Slacker is embittered and feels that Nokia management mislead him because they changed the target date for introducing the GPRS phones between the second and third quarters of last year without explicit warning, but he did have the option of selling his shares relatively near their all time high when they surged last November so he was given a second chance, so to speak, to exit his position at a very good price after it had become known that the target date had changed and after price collapse in July. |
