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Technology Stocks : Open Text
OTEX 33.67-1.8%3:59 PM EST
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To: Michael Burry who wrote (369)2/15/1997 9:28:00 PM
From: White Shoes   of 1195
 
Mike,

I will only address one of your questions due to limited energy on my part...

I too have noticed that when the search engine stocks go up, Open Text gets a little bounce. And it is unfairly penalized when the overblown balloon that is Yahoo gets a little wind knocked out of it. Yes I really do think that it's a mixup in perception. Also some managers and 'model portfolios' in business publications may be trading this one (or triggering some trading by readers) as part of an 'internet stock basket' or even 'search engine play' basket. I'm sure all of this will get ironed out when Open Text's pattern of revenues becomes better known. But I am not sure I relish being penalized when the market wakes up and smells the coffee and cuts Yahoo and Excite in half.

For now perhaps we can enjoy the momentum created by this misperception. As I've already suggested the company must be seriously tempted into making a splash by re-entering the retail search engine market.

But I am glad they are choosing not just to make a hype announcement on it. This gives them credibility. They are probably frustrated seeing several other little companies hyping themselves with claims about their neato search engine features. Perhaps when the direction of the market is clearer they will be able to identify what opportunities are out there.

I wonder if Open Text still owns their stake in Yahoo. BTW they also have a big stake in DejaNews, the usenet engine.
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