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

To: mishedlo who wrote (72091)	2/26/2001 7:21:15 PM
From: patron_anejo_por_favor	Read Replies (1) \| Respond to of 436258

Fleck skewers Tom Galvin in today's Rap: siliconinvestor.com Wasn't he the VP of candy coatings at the M&M factory?. . . In the recommended reading department -- or in this case, in the "if it wasn't so sad it would be humorous department" -- there is a must-read article on the front page of today's Wall Street Journal in the far right-hand column about how bullish stock strategists have a lot of explaining to do. The focus is primarily on one of the high profile bulls, Tom Galvin. A couple of quotes were so stunning that they bear repeating right here and now. Just to prove that what Wall Street has been about all along has been marketing and cheerleading as opposed to research, consider Galvin's following comment: "I got out and marketed like a dog in October, November and December. To really tell why this isn't Japan and why this isn't going to be a prolonged slump and why this isn't the end of technology as a revolution" [emphasis added]. My point would be, rather than getting out and marketing, one might suggest that more research was in order. I think my conclusion is a fair one, especially when you read on a to the last paragraph, which reveals even deeper motivations: "I don't know if you have ever been to a Bruce [Springsteen] concert," he says, "but people are all standing up on chairs, screaming, 'Bruce, Bruce!' I don't have people standing on chairs, screaming, 'Tom, Tom!' yet. All I want is to be loved. Is that so wrong?" "Everybody's got a hungry heart". . . Well, Tom, it's not bad to want to be loved, but you aren't in the business of being amorous -- you're supposed to try to figure out what's going on and present research. This really gets down to the nub of what has been driving a lot of bull pundits. They just want to be loved and that's why they act as cheerleaders. They forget that they are in the investment business, not in the business of seeing how high they can get the applause meter readings.