Angela,
Please don't construe this as my promoting this guy, but upon returning home I reread the Smart Money article. He bandied a 57% return in 1997, but must have been sweating bullets because his portfolio was predominately short positions and one, Micron, he had shorted at $35 and all the way up through $58 where he bought boatloads of options to sell more. I would have gotten no sleep that year, even if the stock did end the year at $25.94.
I watch CNBC almost every morning,(but get frustrated because the advertising is so massive) and have experienced Fleck twice. When he spewed the Cymer light bulb gaffe, I felt what a simplistic SOB! But he had apparently concentrated his efforts on the semiconductor and equipment stocks and what he termed the "boxmakers. I hope he shorted Dell all to hell.
I didn't have the courage to buy it, because the only time it "fell back" was when it was splitting. My sad story was selling half my Compaq when it doubled and split last year and putting the proceeds into Cymer at 32.
I promise never to mention Fleck again, but I read that he does a daily market wrap at
stocksite.com
I seem to be getting compulsive about this, so I guess I'd better check it out.
Bill Peavey |
