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Technology Stocks : FSII - The Worst is Over?
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To: Mark Adams who wrote (2214)9/7/1998 1:10:00 PM
From: Donald Wennerstrom  Read Replies (1) of 2754
 
I was surprised at the data just as you were. I don't know how to interpret the data. I thought both the number of institutions holding as well as the percentage of holdings would be down substantially over the last 2 to 3 months.

I have found through past experience, however, that the first rule of looking at "financial data" is to take the data with a "grain of salt". There may be several unseen reasons why the data is reported as listed. I obtained the institutional data from one of the most used web sites, both for the initial data set taken 2 to 3 months ago, and the updated information as of this weekend. That action should preclude any bias arising from using different web sites. Another possibility for error is the amount of time taken to update the information posted on the web site. It is possible the information may only be updated on a monthly basis. Also, I don't know the rules by which the institutions must abide in reporting their changes in holdings. Maybe this is also done on a monthly basis or even longer. I hear a lot about institutions doing buying and selling at the end of a quarter to "dress up their portfolio" for their customers.

Just the sheer mass of institutions in the market probably prevents their being any kind of a coordinated move to buy or sell, however. There must be many different philosophies of investing by the fund managers. The data shows that the number of funds holding shares varies from 15 for PHTN to 985 for AMAT. This gives room for a lot of diversity in institutional activity.

Based on the data I have to date, I don't have any answers or understanding of any "special" role institutions have had in the downturn since last October. I am planning to monitor the data in the future to see if I can gain any more insight.
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