Hello folks,
Just received my Jan edition of Louis Rukeyser's Wall Street.
To paraphrase a paragraph that should make some of us feel better at buying more @ 23.:
'Myu expressions of moderate disdain for the conventional wisdom of most of ws are beginnig to look distinctly understated. First, because the sensible individual investors who declined to join the stampede are already looking much brighter than the lofty institutional gents who rushed to don their lemming costumes. Second, because we have seen, in recent weeks, an even greater outbreak of mass fallibility on the part of some of the highest paid securities analysts in the business.
Don't misunderstand me: anybody can be wrong, and sensible people respond to newinformation. But what has happened latley to any number of stocks, of which Oracle and Centocor are just two conspicuous examples, is that earnings "disappointments" appear to have totally shcoked the analysts who were supposed to be clued in to these companies, after which the stock wre immediately sold off brutally,'
He goes on to trash the analyst, as he does every month. But, this guy has clout and a huge following of novice, and not so novice, investors.
Just thought u'd be interested in his statement-abridged:-)
Luck to us all, Jeff
He also says that technology companies will begin to look more attractive again as '98 unfolds.
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