Here's brave words. Not sure if the last guy was being facetious, wise, silly or just plain drunk (from Briefing.com - off the record money manager comments):
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Individual Manager's Views
In support of this observation, we looked for managers willing to confirm. Many did, but
they did not want their true viewpoints on the record. Rather than offer up the usual
pablum-for-the-public quotes, we decide to honor the off-record requests. Here are
several anonymous quotes which give a patchwork, overall representation of the general
sentiment of the crowd.
"Some of these stocks are incredibly overvalued, but I don't dare short them. You don't
step in front of a moving train. I mean, AOL, up 5 today, come on, what is going on here?"
"This thing is way overblown. I am currently 70% in cash and 20% short. At this
conference, I am just looking for more to add to my short positions."
"The disk drive segment can't possibly go any lower. It's a good defensive position."
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(Briefing bolded the same as above + a bit more.)
Not much point arguing the low cycle valuations of the DD sector other than to point out that WDC's P/S, for one, at around 0.4 to 0.5 is pretty cheap by historical standards.
Then again other sectors are not going through the severe gut wrenching problems of the DD sector.
And companies in those other sectors might not be going out of business anytime soon while some of the DD sector may not be so lucky (or at least that is the perception).
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Shane. |
