In the more than fifteen years I have been a stock
market investor, I have experienced a lot of ups and
downs. I have both made a lot of money and lost a lot
of money. Always, no matter what the outcome, I felt I
was being treated fairly by the market given the underlying
value of the stock. I didn't like it, but I understood when
I lost money in SMTG because the news was "bad." Similarly,
I can appreciate the gains I've enjoyed in stocks like STK
after buying what I thought was a good company that was out
of favor and holding on until I was proven right.
What I cannot understand, based on my accumulated knowledge
of the stock market, is a stock like Yahoo that rises to new
highs when the overall market is weaker than it has been in
years and there is no news to justify what is by most standards
an already inflated price. I spoke to a friend of mine this
weekend who is a Smith Barney exec and asked him if there are
people who manipulate the price of NASDAQ stocks with relatively
small floats outstanding. He said yes, it happens.
I don't want to see Yahoo the company go away; I like its site
and I hope it's around for a long time. At the same time, the one
thing I abhor is a playing field that's not level. My experience
with Yahoo has convinced me not only to close out my short position,
but to cash out my portfolio in general. Life is hard enough, and my
money is hard enough earned that I have no need to be Vilnick's (sp?)
lamb to the slaughter.
Needless to say, I am bitter. Keep your Yahoo. Make fun of the shorts
who simply try to make sense of stock prices and the market. And put in some stops--because one day the MM will clean your clocks too.
One day I hope someone makes them accountable.
Until then,
Zenmatt |
