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Strategies & Market Trends : Roger's 1998 Short Picks
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To: Bald Man from Mars who wrote (4169)3/5/1998 7:12:00 PM
From: Pancho Villa  Read Replies (3) of 18691
 
The only way an investor could have had a good day today would have been a junk portfolio consisting of Internet high flyers, ZITL and a few more dogs with perceived little Asian exposure. Did WDRY went up?

Pancho

(so can you imagine what would happen to you if you are short these dogs and long real companies?)

What is funny is that I and others were joking yesterday about the so called flight to quality [into Internet stocks]. Belive me, I did not seriously believed this could/would happen. This market has gone insane! Does this mean we are a bit closer to a big breakdown?

IMO this is a result of money managers wanting to be fully invested at all times. They have been told too many times that one of the reasons why they lag the indices is the positive cash position that many of them carry. "Invest fully" is the name of the game. So they [the money managers] take the money from one place and put it in another right away.

You know, most money managers are not what you could call rocket scientists. No offense intended for anyone but when I was going through my PhD at MIT I used to TA (teaching assistant) at Sloan, teaching Operations Research to MBA students. I was a doctoral student at the Electrical Engineering and Computer Science Department and the talk among doctoral students teaching at Sloan always included jokes about how the MBA students could not put 2+ 2 together, and be aware that we are talking about the MBA program with the most quantitatively inclined students in the country.
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