Anthony @ Equity Investigations, Dear Anthony, Message Board

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Strategies & Market Trends : Anthony @ Equity Investigations, Dear Anthony,

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To: Anthony@Pacific who wrote (27878)	4/8/1999 10:03:00 AM
From: SoccerMom	Read Replies (1) of 122087

PAIR--Another interesting article--Cramer bought and then realized it was a fraud after Faber "broke" the story. thestreet.com PairPain By James J. Cramer 4/8/99 7:47 AM ET I bit. It's just one line in an otherwise terrific Realized Gains and Losses page from Cramer Berkowitz, but I'll never forget the hoax: 30,000 Pair, -$26,877. That's what you get for flying on instinct. I hadn't seen the story. I just heard the word on Bloomberg.com: a PairGain (PAIR:Nasdaq) bid. And I took stock. A few minutes later, I'm listening to David Faber in Jeff Berkowitz's spacious office and I see PAIR on the TV. I tell Jeff to make it louder, and sure enough, what I saw made me poorer. "It's a hoax! It's a !@#$%^& hoax!" I screamed after Faber broke the story. "Kick out the PairGain." Cyberdupe. Me. The guy who loves cyberspace. I cut my teeth on the Motley Fool. I helped set up TheStreet.com with Marty Peretz. And I had been had. So, of course, I kicked it out. What the heck did I know about PairGain other than it was in talks to be acquired? What was I supposed to do, find out about its book value? How are its orders? I couldn't believe I could buy something in line that had news like this. It didn't seem possible. It wasn't. Don't worry, Mike -- it's not your fault. I am not going to blame you. I am sure somebody's lawyer will. I am waiting for some ambulance-chasers to say, Let's sue for Cramer's $26K, and we'll get a huge fee while he gets 45 bucks. An open-and-shut case. What a world. Random musings: For more proof that you can't speculate on takeovers, look at Humana (HUM:NYSE) and then see my last story on it. ... Get me into this latest dead-tree co-venture -- and fast! The Wall Street Journal and The Financial Times are getting together to open a daily in Russia. Hoo-hah!

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