Lee, I really have mixed emotions about that. On the one hand, it really is annoying to read stuff, either bullish or bearish, which is founded on fantasy. On the other hand, fantasy is harmless fun if people realize that's what's being proffered (as in 35% drop in ASP's for Dell).
What I cannot, and will not tolerate are personal attacks and abusive language. The kind of thing that Venkie was subjected to by Najib, or that I was subjected to by one Mr. Michaels, is totally outrageous. It is one thing to disagree with a point of view; it is quit another to vilify, disparage and humiliate those with whom you disagree.
There is a reasonable case to be made by bears. The case is that the market has fully discounted the probable growth in Dell's earnings, and given the current competitive environment, it is possible that Dell's margins will slip and sales growth will disappoint, and if Dell slips, the price of DELL will plummet.
There is a plausible argument to be made by the bulls: since the market has consistently underestimated Dell's marketing muscle, and is just now only beginning to appreciate the strength of its business model Dell will continue to surprise for the foreseeable future.
Unfortunately, too little time is spent exploring these themes, and too much spent in cheerleading one's side at the expense of the other. While I find the bull argument much more compelling, it is only by examining the bears' arguments in detail that those of us with a long interest in this company can feel truly comfortable.
Regards,
Paul |
