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ravenseye

To: Jorj X Mckie who wrote (315)	11/20/2013 3:10:45 PM
From: N. Dixon	1 Recommendation Read Replies (3) of 1604

I think you're take on this is spot on. I joined when I was working for a securities law firm in the Silicon Valley and we brought several companies public. I remember thinking as I worked on prospectuses that there was no way the offering price was anywhere in the realm of reality. I never invested in any internet company except Hotels.com and I made 27K on 50 shares of the Priceline IPO in about 4 hours. You know things are out of wack when the IKON people and the word processors in the firm are day trading on their breaks. Our firm was literally responsible for doubling the salaries of new associates. Several left to work for the companies they brought public being promised options. They were paper millionaires and then when things went south they owed more money in taxes than the stocks were worth. I just stuck with my long term investments and watched most of those other companies just fade away. Ironically Priceline sells today for the exact same amount you could have bought it for the day the IPO came out. IPOs for one day was the only way to make sure money during the bubble. The other thing I saw SI become was a forum for hedge funds to promote their shorts and go after any board of a stock they were shorting. It was brutal and unrelenting. Some decent small companies starting out were unfairly targeted as being scams. I remember Tokyo Mex emailed me that he was buying a stock I was in. A small pink sheet company. I sold the next day. He's a Korean guy that did some shady dealing. I called the CEO to tell him not to meet with him that his "investment" would be poison, the story went downhill from there. If they have to go to Tokyo Mex to get funding you know something is wrong. Then there was the whole Elgindy fiasco. I know some of the faithful never get over their "gurus" but if they did some digging and looked into what's really behind these people, presented the information to SI, I think they could have been banned. They gave this site a very bad reputation with the investment community in the Silicon Valley. The name attracted them, but the scum turned them off. ND

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