Stewart, appreciate your comment re: speed of change. While trying to work off morbid thoughts last night, I contented myself by posting on boards I never post to--even got one in on the men's room wall down the hall. Somewhere in the mania it occured to me that the Q's situation could be analogized to Zippergate and Watergate. Clearly the credibility of management is at stake here: listen to that conference call carefully--those analysts were grim, tight-lipped, hostile, paranoid, scared, cold, tired, p*ssed, and hungry. Besides that they weren't happy.
So either Q's management are a bunch of banditos who knew all the Korea stuff at the time of earnings and sold a zillion shares after the report, etc. etc. OR they got caught flat-footed. I take the latter view, but the one thing I am willing to predict is that there will be shareholder lawsuits on this one.
I think management released the bad news as soon as they knew it and I further think they had to do it before the shareholder's meeting. Slick Willie will be in or out in a few weeks or months. Tricky Dick fought it for an eternity. Yesterday I couldn't spell Korea, today I dream in won.
Ramsey's crystal ball has been working like a fine tuned violin, and he has earned a lot of credibility with this deranged old surfer. Wall Street has left the Q boat for a while--be some time before we're strutting our stuff again. But we'll get there. Mike Doyle |
