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Technology Stocks : Y2K (Year 2000) Stocks: An Investment Discussion
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To: P. Ramamoorthy who wrote (12540)7/31/1998 10:28:00 AM
From: flatsville  Read Replies (1) of 13949
 
Ram--
Last week Fri. I caught part of CNBC's Stock Picking Friday segment. The host interviewed two mutual fund managers (one from Blackrock?) A question from a viewer re: Bank One came in. One of the fund managers (Blackrock guy?) who had been touting Bank One took the question. He tried to explain away the lousy price performance and cited higher than expected y2k expenses as one of the reasons. The host then said something like, "How seriously should we take these y2k expenses? I mean there's all these survivalists heading for the hills and buying ammo and sterno...(What, no Spam?) Then all three began to snicker. The mutual fund manager said, "Well they're there so we have to deal with them." And they all continued to snicker.
Yesterday I heard part of a report from one of the Dow Jones Newswire boys re: a company with lousy earnings that cited y2k expenses again as part of the explanation. No snickering this time, but no follow up either.
I am afraid that in the short term at least, y2k will not be taken seriously by the popular business press as a cause for earnings concerns as it it just so damn funny due to the "survival extremism" component. Then perhaps it will become like "El Nino." Yes, it's a fact, but it will pass. SEC reporting will have to change (underway as we speak?) to reflect the depth of the expenses before this can no longer be ignored. By then the market will be, well...."flatsville"
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