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Technology Stocks : Newbridge Networks
NN 12.64+3.2%Nov 14 9:30 AM EST
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To: pat mudge who wrote (6739)9/30/1998 10:26:00 AM
From: Ian@SI  Read Replies (3) of 18016
 
When the market kills a stock unfairly, I have to ask myself why I put my faith in a system that's so totally insane.

The only insane part of the system is that many with money seem to put blind faith in analysts and other brilliant minds like the LTCM brain trust.

Even the 15 year old students in the CNBC stock picking contest that turned $10K into $1M in 3 months acknowledged that their paper trading system probably wouldn't stand the test of the market, that they were dealing with thinly traded stocks; and that the addition of their trades in reality would have changed the prices available.

Yet the LTCM folk didn't suspect that their $1Trillion leveraged bets might have some risk associated with it; and the bank managers trusted them so much they invested their own funds as well as providing bank loans without collateral!!

Now we have analysts charging out of a room half way through a sentence coming out of Nortel's CFO's mouth yelling "SELL".
After finding out that they jumped the gun, they go through a series of downgrades to save face.

It appears that they will do an outstanding job of creating a fabulous buying opportunity allowing the cream of the Telecom Equipment crop to be bought at bargain basement prices.

I'm not sure whether to be disgusted with their inanity or grateful for the opportunity created. ;-)

<end tirade>

Ian.
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