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Technology Stocks : LAST MILE TECHNOLOGIES - Let's Discuss Them Here -- Ignore unavailable to you. Want to Upgrade?

To: American Spirit who wrote (7185)	6/4/2000 3:59:00 PM
From: lml	Respond to of 12823

As for Gilder he sure predicted the rally two Fridays ago. I believe he was the first* to stick his neck out in the midst of all the doom and gloom and shorts bashing.* I wouldn't go that far. I, for one, follow my own advice, and mine was that the effects of a year's tightening by the Fed would soon begin to take hold & that by summer's end the economy would be slowing & the market would soon be recovering, particularly the techs, to more representative levels of the underlying fundamentals. I was not surprised by the housing numbers, nor was I surprised by the employment numbers. However, I was surprised by the magnitude of the market's reaction over the entire week. I expect we will see some profit-taking tomorrow, or if not by Tuesday. My other opinion is that the market was way oversold, and that recent months were the opportunity value investors had been hoping for for more than two years, & they seized upon it black on an 8-ball. As Ace Greenberg once said, "even a broken clock is correct twice a day." Well, these last few months, the broken clock happened to be correct. But time does not stand still, and their arguments, as we are beginning to see, are starting lose wind. Please don't glorify Gilder anymore than he truly deserves. His insight is good; I enjoy reading what he has to say, but he is not always correct, and I assure you he was not "the first" to call this rally. I used to be in investment banking, where innovative financial structures often led to volumes of new underwritings. One thing I quickly learned was how many bankers quickly and incessantly claimed credit for new financing techniques. It appears George Gilder has instilled in himself this trait as well. No surprise.