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Technology Stocks : Asyst Technologies (ASYT) Good Value/Where is the Bottom?
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To: Proud_Infidel who wrote (2210)7/13/2004 3:38:53 PM
From: Barry  Read Replies (1) of 2313
 
Wall Street has always been about separating their clients from their money. Just finished reading the classic Reminiscences of a Stock Market Operator by Lefevre about Jesse Livermore. The last four pages of his book are devoted to the insidious nature of the game by the big participants - this was true in the timeperiod of the book (1900 - 1920s) and it's true today. It is the only way Wall Street firms generate the revenue to pay their exorbitant salaries. And in most cases, done in cohorts with the biggest shareowners (in today's market, that's the overly compensated CEOs and other top management via their incredibly generous options grants), all in the name of distribution of equity at maximum prices.

The downgrade of Merrill coming on the heel of the others - this smacks of what Wall Street does on the other end, inducing lows to pick up shares ever more cheaply. It's my own fault I bought heavily in the 10 range and I suppose I will continue to pay for this mistake over the next couple of months, as my mistake was in thinking the street had already taken the SCEs as low as possible. Obviously, there's further room to the downside before they start talking up the stocks to cash out and distribute their shares to us little guys.

This is the nature of the game, and not timing it properly is extremely costly (hopefully only in the short term).

At over 100mm revenue last quarter, and market cap below 400mm, we are at a p/s ratio below 1, without the debt characteristics of an Amkor. Hopefully this limits further downside risk.
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