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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Wallace Rivers who wrote (8285)	9/17/1999 1:05:00 PM
From: Ron Bower	Read Replies (1) \| Respond to of 78830

Wallace, After further review, I added SWS yesterday. They may come in below estimate this Q, but IMO it's undervalued at the current price. It's one of my long term holds and I'm comfortable here - guess that's all that really matters. Besides, I made so much off the run-up that my position is well below zero -g- I've gotten my best returns trading the brokerages - SWS, AMTD, JWG, JBOH. There seems to be constant upgrades and downgrades making them overbought or oversold. SWS is the only one I've considered worth a long term position. (One must always remember that brokerage insiders are all scoundrels -g-) Consider the analyst's gradings. A downgrade from Buy to Accumulate on 8/20. Prior to 8/20 SWS had dropped from over $80 to $38. His downgrade comes late and is part of the continued fall to below $27 yesterday. It would be interesting to see if he put out the Buy rating after the price had gone up from $16.50 where I bought. I began reducing at $28. By $38 I had sold most of it, but watched it go over $80 because the analysts kept upgrading it. Saw the same on CMDC. It started falling from over $30 on rumors of financial problems for an affiliated company. THEN the analysts started downgrading and the funds starting selling. I bought at 7.50 because it was selling at BV and a PE around 6 - it rebounded to 9.50 - another analyst downgraded so I quickly took profits and it fell to 6.50. This morning I raised my limit order because it appears there's funds accumulating at this level. Very much appreciate your input, Ron