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Technology Stocks : MSFT Internet Explorer vs. NSCP Navigator
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To: John F. Dowd who wrote (14857)12/12/1997 11:26:00 AM
From: Reginald Middleton  Read Replies (1) of 24154
 
You are mistaken in your statement "So all the erudition in your wonderful evaluation gets tossed out the window by the invisible hand of irrational perception... Because they all don't invest the way you do." The vast majority of Wall Street invests like I do. Sharp price changes that occur on day to day basis are not the manifestations of the large buy side investors. Those are the results of traders and the clients of sell side insitutions, neither of which have the resources nor the time to do aggressive investigation and analysis of companies on an individual basis. traders benefit from volatility, thus tend to casue it, sell side institutions benefit from brokerage commissions gained from those that trade often, therefore tend to encourage trading. LArge buyside institutions (institutional investors such Buffet, Fidelity, Pension funds, etc.) benefit from neither, therefore tend not to participate in giving their profits away as transaction fees and oppurtunity losses. Do not confuse the day to day fluctuations with the action of true investors. It is the true investors who wield the bulk of the capital in the US markets. So do not be overly concerned with a 3.5% drop in MSFT share price. It is not the wielders of superior information causing, or at least not yet.

I haven't had much time to post on SI lately, but I am in the process of investigating NXTL (at least soon).
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