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Technology Stocks : Novell (NOVL) dirt cheap, good buy?
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To: Steve Fancy who wrote (23546)8/23/1998 11:12:00 PM
From: Paul Fiondella  Read Replies (3) of 42771
 
(Off Topic) Black Monday

On Sunday Boris Yeltsin fired his "reformist" Prime Minister Kiriyenko(and cabinet) and named Chernomyrdin (the former Prime Minister he sacked 5 months ago). This is a dramatic reversal of policy.
This means it is less likely that foreign banks will see the moratorium Yeltsin declared on payment of debts by Russian banks to foreign banks suspended. We will now see the true extent of Western loans to Russia turning up in the red column of every major Western financial institution. Billions and Billions of dollars and marks stolen by the Russian mafia and stashed away in Swiss bank accounts will be lost.

The Russians have totally reamed Clinton's State Department. It has to rank as one of the biggest foreign policy mistakes of the post-Cold War era to have so blindly supported Yeltsin. And guess who is on his way to Russia---Bill Clinton. Good luck Bill! Should we send him a copy of 10 Days That Shook The World to read on his trip?

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What does this have to do with Novell? Well the Nikkei is down 2.7% and broke through 15,000 tonight. I'd like to see some good news to counteract all this but its seems to me reasonable to assume a meltdown in the markets on Monday since Wall Street will perceive Kiriyenko's sacking as the end to reform in Russia and also their investments in Russia. They are going to be wiped out! Clinton now has the full blown financial crisis on his hands that I mentioned earlier this year on this thread.

I assume that anything I have invested in the stock market I can afford to lose at this point. No stock can survive a market meltdown.
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