Joe, you may want to sue this guy - he is using your words. -g-
From: WSJ 12/8/97
Drew Peck, semiconductor analyst at Cowen, says he's concerned about
the "chronic optimism" that still seems to afflict investors in many
bellwether technology stocks.
"A sort of complacency has slipped into their thinking, and you can see it
in the fact that everyone seems to feel that every single company has only
10% to 15% of their revenues exposed to the Asian market," he said.
"That's become an almost canonical number. But I'm worried that these
are high-growth stocks, and in some cases as much as a third of the
potential growth might just vanish. In that case, you can't be as unruffled as
folks seem to be right now."
Mr. Peck says his "moment of epiphany" came in a conversation with a
client, who had spent the summer buying technology stocks on the urging
of analysts, who suggested various stocks would be a good way to expose
a portfolio to growth in Southeast Asia. When, late in the summer, that
growth seemed to evaporate, the client was reassured about the minimal
level of exposure to the region in the stocks he owned. "You couldn't have
it both ways," Mr. Peck said. "And there's a lot of similar thinking going
on."
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