Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: chic_hearne who wrote (42342)	11/30/2000 9:59:02 AM
From: Thomas M.	Respond to of 436258

The DeVoe Report 1 Chase Manhattan Plaza, New York, N.Y. 10005 NOVEMBER 10 ~ With a large part of my career in Wall Street as a security analyst, when analysts really did analyze companies, I feel that the Marine Corps saying is applicable to my generation of analysts -- there is no such thing as an ex-security analyst. The healthy skepticism derived from delving into a company's operations, going over all financial statements, asking management hard questions while ignoring "spin" or "guidance," then questioning competitors, salesmen, retailers-anyone associated with the company and learning the truth-that stays with you forever. I have had companies lie to me -- not mislead, but actually lie -- and will never have anything to do with them again... . One of the emotions I am least proud of is the German schadenfreude, which is translated as "malicious enjoyment of another's misfortune." Its complement was described by the writer Saki as "the natural displeasure at the good fortune of a friend." To cite a personal example, one of the companies whose management lied to me is now part of WorldCom. Thus, when the stock made a new 52-week low today at $15 a share, down 75.4% from the high a year ago of $61, I couldn't suppress that "rejoicing at the misfortune of others" feeling. The predecessor company had caused me a great deal of pain and embarrassment, and that "misfortune" of the company's stock was delayed retribution. Apparently, the sensation is more widespread than I had thought, since the November 6 issue of Newsweek had an article by Karen Breslau titled "Silicon Valley's Latest Craze: Schadenfreude." The article goes into the rapid comeuppances of the very young former centimillionaires (and billionaries) who have lost 90%-95% of their paper wealth, and observed that "people who never saw a stock option or lunched with a venture capitalist might call it justice. At some level we didn't think 24-year-olds should have those kinds of bank accounts... . Seeing rich arrogant people brought down to earth is for many deeply satisfying." Breslau finds a deeper meaning than the glee at the misfortune of others: "But today's schadenfreude reveals more than envy; it reflects deep, middle-class fearsof being priced out of a world run by apple-cheeked billionaires who conduct board meetings from their beanbag chairs; of becoming obsolete in an era of dizzying technological change." That's not the way I feel at all, and I will stick to my sensation when I see WorldCom slither to another new low. -RAYMOND F. DEVOE JR.