LOOK AT THIS: Johnny D says "Do as I say, not as I do" -- According to JP Morgan ADR reports, Dessauer unloaded 90,000 shares of Santander since June 1998. Also, according to the semi-annual reports filed with the SEC for his closed-end fund, between 9/30/97 and 3/30/98, the fund unloaded ALL of the holdings of GM, GTE, Kodak, ATT, Nike, Nestle, Marathon Oil and Akzo-Nobel (and Inland and Magna, which he did tell us). Looking at his October 1997 - May 1998 issues, he recommends all of these stocks as buys, and I remember quite a few hotline messages practically begging us to buy GM. (And there was no change in the holdings of CCR, which he continues to harp almost daily as a great buy).
His top holding as of 9/30/97 (and 4th largest as of 3/31/98) was Time-Warner and two of his largest purchases in this time were Worldcom and LCI. No CP Pokphand, NO Comshare, NO Pharm Mktg - how many times did he say Dennis Turner was making us so much money on that one?
Lest he leave us completely out in the cold, the fund did make a giant purchase of Hilton and Scientific Atlanta, so we should expect more JD support for these.
And finally on a happy note, as of 9/30/97, he had NO Fletcher, (other than a miniscule amount of Fletcher Paper, which he unloaded). As of 3/31/98, the fund had a miniscule amount of Fletcher Forest and Fletcher Energy (with Hong Kong Telecom, the three smallest positions). So at least he is suffering along on those two. And he also made the plunge at some point on Cendant and LSI (although I'll wait until the Sept 98 report to see if he held on to them through the fray.
All this has made me reconsider Johnny's allegiances. I know it's not his job to hold our hand, but he does appear to be letting the newsletter people be the last to know. The fund had Nike before he put it in his newsletter, and he dumped it while still touting it to date in his newsletter.
Put your money where your mouth is Johnny D: If CCR, Fletchers, etc. are such screaming buys, load up on 'em. Don't try to sell your shares to us on the guise of helping us. |
