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To: pater tenebrarum who wrote (55239)	6/27/2000 9:53:00 AM
From: LLCF	Read Replies (1) \| Respond to of 116753

< the public went about giddily buying the top in the NAZ. well, all that buying was met with record high insider selling..> To say nothing about the IPO's lined up to go... "feed 'em while they're quackin" DAK

To: pater tenebrarum who wrote (55239)	6/27/2000 10:11:00 AM
From: Rarebird	Read Replies (2) \| Respond to of 116753

Heinz: I have a few very good friends who are money managers and this is their view of Insider Sales: They used to be very concerned about insider sales until a friend of mine who was even more paranoid than them at this 144 jungle told him they gave up caring about insider sales...He asked them why they were looking the other way. After all they had heard about insiders and their sales...they said to him, we went back-far far back-into the filings of the best companies they have ever seen hit the Nasdaq...they were CSCO, AOL(used to be AMER), INTC, QCOM, SUNW, etc...and let us tell you many many years ago all these companies had crossed under the 50% insider threshold and for that reason we stopped investing in them...we sold alongside the insiders that sold...and then we looked at how these companies that were no longer majority controlled by insiders performed over the coming years until today...well-many were up well over 1000%, 2000%, even 3000% from the moment the insiders gave the majority of the company to the public...and with each insider sale the price just kept rising over the years...along with new buy and strong buy recommendations from new brokerages and sky high price targets that never ended...and today these companies are either at or close to their all time highs and at the same time they are at their all time lows in insider ownership...CSCO 2%, INTC 7%, AOL 2%, QCOM 9%, SUNW 3%, and even the likes of GE 1%...and all the while the % of these companies held by the brokerages and funds were breaking all time highs...it looks like insider 144 selling is almost a good thing if you could think that-as long as it is not the funds or brokerages selling...because if the funds/brokerages aren't selling, they are gonna do everything in their power to push the price up, not down...we then threw our 144 notebooks into the fire and had a beer...and to this day, we still laugh whenever we hear somebody shout that the insiders are selling because they never stop to think about who is buying these shares-and it is almost always the funds and brokerages...just where we want them to be in the end...