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Technology Stocks : Ciena (CIEN)
CIEN 200.18+2.0%Nov 26 4:00 PM EST

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To: Jim Rathmann who wrote (480)7/2/1997 12:48:00 PM
From: Sam Citron   of 12623
 
Thanks, Jim. The game is played every day on Wall Street. It's part of the smoke and mirrors of street culture. To paraphrase Keynes, the market is a beauty contest in which the investor must pick NOT whom he thinks is the prettiest girl, but whom he thinks the other judges think is the prettiest girl. It's necessary therefore to consider the time horizons of other players and nobody has ever lost money betting on the short term horizon of Wall Street. Looking at charts of other high-flying IPOs, I typically don't see significant decay until month 6.
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