The Henley Group, Inc. (HNLY) undervalued growth company Message Board

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Microcap & Penny Stocks : The Henley Group, Inc. (HNLY) undervalued growth company

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To: Nizzo Nigrini who wrote (789)	3/6/1998 4:32:00 PM
From: Steve	Read Replies (1) of 2232

To those who may have been confused by Nizzo's post "unlisted" in Canada means not listed on the main exchange, e.g., the TSE. Those stocks in Canada that are not listed on Toronto Stock Exchange trade on the Canadian Dealer Network or CDN. The CDN is similar to the OTC-BB here in the states. Whereas in the states when we refer to an unlisted stock we are usually referring to a private company in Canada an unlisted stock trades on the CDN because unlisted here refers to the Toronto Stock Exchange but not to the Canadian Dealer Network. The gambling analogy is one used by those not familiar with risk assessment of trading strategies for the different Exchanges. This kind of analogy brands the user as an unsophisticated investor and/or trader. Whereas the house odds in a casino are always in favor of the house the house odds concept in the market is fallacious. In markets there is not a "house" that wins when a patron loses the loss simply disappears and it is no one's gain, it is everyone's loss. A similar trading fallacy, promoted by Alan Abelson of Barron's, is that in every trade there is a winner and a loser. Wrong again. Trading enriches both parties. This kind of fallacious reasoning can destroy people's confidence in markets in general and undermine the perceived market value of an individual stock. As to the case of stock price manipulation the accuser to prove his point must do a random walk analysis on a stock's price series both intraday and interday. If the price movement proves to be a random walk after changes in earnings have been accounted for then there has been no manipulation. The interesting thing about the BB market is that you have to do much more basic analysis of a company before investing. It is an exciting market and sometimes you can pick the real companies who will gain market share in their respective markets. I'll say it again, very exciting stuff.

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