To All, Interesting stuff on CNBC this morning:
1. Jim McCamant of The Medical Technology Stock Letter, touted Shaman and Aguoron, among others, this morning. Of course, the momentum geeks who work at the network told him there hasn't been a great biotech market since 1993. Gee, I don't think Jim knew that. <G>
2. Some PM from GT, where the term, performance, often has the words "bad" or "mediocre" preceding it, was ranting about why the market was cheap. First, he talked about M&A activity and how that reduced the supply of stock. Really, and how many mergers have been done lately for cash? Very few. The supply of stock remains the same, or increases, it just changes form most of the time when there is a merger. Totally non-sensical logic. Secondly, he mentioned earnings yield vs. bond yield, which is a valid point. However, he neglected to mention how earnings yield was no longer increasing, even using the phony eps reported. And he forgot to mention that the eps are of horrible quality to begin with, overstated by anywhere from 20-50%, which makes his little chart worthless.
The good news is that slow folks like this have a lot of money to manage and they are very easy to pick off. <G>
Good luck,
MB |
