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Technology Stocks : Novell (NOVL) dirt cheap, good buy?
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To: Janice Shell who wrote (5420)12/1/1996 2:39:00 AM
From: Edward E. Shure   of 42771
 
Janice

The analysts aren't always right; or maybe I should say the analysts aren't always wrong. I've seen stocks with worse technicals rise from the ashes before; i.e. Telex. Remember them, out of Tulsa, trading in the 2-4 range in the mid 70s, got together with Memorex and their stock was 100 in 1986. Analysts by definition can't be long term oriented; what would happen to all those huge year end bonuses in the brokerage industry if we all invested ala Graham and Dodd or Warren Buffet. Think what would happen to the Manhatten co-op market, it would be like 1987 all over again with real estate values falling faster than the Dow. How would the brokers buy their yachts if we all just bought St. Joe or Crown Zellerbach or Wells Fargo 30 years ago and never traded. No, the analysts have a vested interest in pushing stocks that MOVE over the squawk box to the sales force on Monday morning. Thus no analyst is going to issue a screaming buy on something that might take longer than a week to move. Which brings us to the conflict of interest inherent in the broker/client relationship but that's another story for another time.
Let's wait until the street loves the stock and it's trading in the high teens/low 20s; then there will be plenty of suitors as corporations are only human; they love to buy on the way up, not catch falling knives.

Edward
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