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Technology Stocks : For Hedge Fund Analysts and Managers -- Ignore unavailable to you. Want to Upgrade?

To: Wizard who wrote (50)	6/2/2000 11:59:00 AM
From: Wizard	Respond to of 499

By the way Dave, is that you pushing ARTG up? edit: yah I screwed up and sent that message to myself.

To: Wizard who wrote (50)	6/2/2000 12:12:00 PM
From: Trader Dave	Respond to of 499

The massive population of consultants drives a huge number of fallacies that propagate the growth of supposedly risk reduced hedge funds. The biggest of course is that STOCK Volatility = Investment Risk. Coke has been a much SAFER investment than Cisco over the last 10 years!!! What a load of CRAP! Of course the consultants love to see massive short positions since that supposedly completely matches against the downside risk of long holdings. Uh, the last time I checked, shorting a stock has a fixed upside and limitless downside. Of course a lot of the "wealth creation" was "given" to the fast money customers of Morgan and Goldman et al thanks to some helpful IPO flipping. As you know Wiz, I'd love to see performance reporting separate out gains from hot issues. (Said the fox about the obviously sour grapes.) Hey, we did get 300 shares of ONIS! Still, although we've seen a healthy correction, valuations are still at extremely high levels and the risks in the market remain significant. I agree the reason valuations are so high is that growth rates in certain segments are unprecedented and appear sustainable, so actually some valuations may be cheap, but I always like to play the pessimist and be proven wrong. One thing that's fun is that the volatility premiums are SO high it makes for lots of fun writing puts and calls. WhenisNNgonnacallmeforlunchTD?