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Technology Stocks : America On-Line: will it survive ...?
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To: Todd Daniels who wrote (1018)1/13/1997 3:30:00 PM
From: Joel Sternberg   of 13594
 
>For the same reason one might consider shorting any stock whose
main cheerleaders are its underwriters and others lusting after
slice of that business -- especially when doing secondaries depends
upon the stock price being higher than it is.<

I am glad that there is someone else out there pointing out this fact. Investors just don't seem to realize that the underwriter's opinion is worse than worthless. Frequently the underwriter will opine something just to give the stock a boost, which if anything may suggest that the stock has run out of steam. There is just too much money in underwriting to worry about serving your brokerage clients. Brokerage is just not where the easy money is to be made.
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