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Technology Stocks : Western Digital (WDC)
WDC 176.05-2.0%Dec 30 3:59 PM EST
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To: Sam Citron who wrote (10886)2/25/2004 9:27:00 PM
From: Sarmad Y. Hermiz  Read Replies (1) of 11057
 
>> so indulge me for a minute to pursue this matter.

OK Sam, as long as the Lutherans don't mind. You know how they are about granting indulgences. Or maybe that was only about selling same.

Anyway, I don't know what possessed Mark Miller to say that WDC cannot produce heads. And why he compounded his self deception by saying they were getting poor yields.

I also don't know why the idiot who said engineers were quitting because of over-work felt compelled to issue a press release in mid-day to spout his rumor.

It is a fact that this idiot did not retract his rumor after it was proved false. Now this insistent lying is not confined to stock analysts. It is a society-wide trend towards lying for the purpose of manipulation. No doubt you can think of recent examples of how a government inflames its subjects to attack other countries by repeated use of lies.

I sincerely believe analysts' explicit job function is to manipulate stock prices for the benefit of their firm and preferred customers. I have not seen any brokerage firm say that its number one priority is to produce accurate forecasts of earnings of covered companies.

The real puzzle is why do fund managers listen to the lying analysts. I think the answer is that they understand the function of the analyst is to cause a price change. And they just try to be early in this pyramid scheme.

Sarmad
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