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Technology Stocks : Adaptec (ADPT)
ADPT 17.81-0.4%10:56 AM EST
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To: The Philosopher who wrote (3657)9/15/1998 1:10:00 PM
From: Mark Brophy  Read Replies (3) of 5944
 
Ownership is a problem.

I suppose you've read the class action complaint from the king in San Diego and it makes a good point that most or all of the insiders sold out at high prices last year. While I disagree with the law firm that there's anything immoral or illegal, it's clear that the stock was grossly overpriced and the executives were sending a message to the market that you stubbornly refused to heed.

Nevertheless, the market often overshoots and I would've been better off keeping my powder dry than buying at 19. I'll probably break even within a year, but it's dead money for a while.

Sure, the financial engineering doesn't really do the company any good, but it's great for the stock price. One-time write-offs are best because the market forgets about it next year when bloated profits are reported. 3Com and IBM are the masters of the game and I'm glad Adaptec is following their lead. The stock market is nothing more or less than a gambling parlor for rich folks.
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