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Technology Stocks : Micron Only Forum

MU 237.16

+4.6%

Dec 5 9:30 AM EST

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To: Sridhar Srinivasan who wrote (29129)	3/1/1998 1:59:00 PM
From: Richard Russell	Read Replies (4) of 53903

>>The market collectively understands the fundamentals better than the few here. << IMO that statement is one of the most assinine you have posted. Its been shown over and over again that the theory of an efficient market is completely false. The market does not "understand" anything. It reacts and responds to host of many factors and variables, fundamental, technical, psychological, political. Forces with different agendas are constantly working and fear and greed reign supreme. To suggest that the "market" is somehow an all knowing Poobah that has an understanding of fundamentals makes what little credibility you have on these boards, evaporate. >>The fact just happens to be that the fringe elements that run rampant here (bears, largely) will claim that all the facts that you have underscored are either irrelevant for their FA or not acceptable (such as the one about micron being the low cost producer). << The facts highlighted are what I believe the bears have been saying all along. If there is anything that mu or any other competitor is doing to reduce cost and increase efficiency of production then those methods will be adopted by all thereby neutralizing the advantage. If mu was the low cost producer others will imitate them and then everyone is equally low. All are always looking for some advantage but when that advantage is instituted it will not go on indefinetly for just that one company. Because of your biased perspective I don't think you understand that the underscored only underscore more bad news for mu. Everyones going to be more efficient and the capacity cutbacks will not stop the glut anytime soon. RR

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