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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Knighty Tin who wrote (96430)	6/29/2002 4:21:29 PM
From: Knighty Tin	Read Replies (4) \| Respond to of 132070

Mini Barron's review. A very interesting, if not necessarily good, issue this week. 1. Abelson skewers the past 6 months in the market. As most but not all know, the final tally is Dow down 7.8%, the 500 down 13.8% and the Naswacky down a mere 25%. I heard, but didn't get a chance to due dilly this, that it was the worst quarter ever for the Naz and the worst in 40 years for the 500. That doesn't sound true to me, but it was, by all accounts, not a great quarter. <g> 2. Abelson changes names and definitions around in a very funny way. WorldCon, Global Double Crossing and Earnings Before I Tricked the Dumb Auditor (Ebitda). 3. A nice follow up piece on Texas Instruments being cheap and likely to go much higher. I agree. That, ADI and QCOM are my only chip picks, even after the crash. NVDA could be if I trusted Mr. Softie not to just pull the plug on the miserable Xbox. 4. My favorite cub reporter, Jon Jon (or is that dumb-dumb) Laing has changed flags. A huge bull fan at the top, he slimed every bear in the world. But, like a weather cock in a hurricane, the guy has no sense of direction, so he is now more bearish than Yogi. See, he wasn't incredibly wrong before. This just turns out not to be a typical slump, so how could he be blamed for not seeing it coming? His parting words are that "huge binges require long convalescences." The fact that he is now one of the bears he hated makes me more confident that a dead cat bounce is likely soon. Then, if he turns back bullish, the bear can really get tough. BTW, he has a phony but damning chart on pe ratios for the 500. Anyway, for what it's worth with a fake-o chart, it still shows that the current pe has only been higher during the peak of this bubble, the peak in 1929 and the peak before the panic of 1902. We are still above the manic peak of 1969-1970. So, the next time somebody tells you that stocks are now so cheap they have to go up, show them this pretty picture. However, one thing does not have any fluctuation, and that is Jon Jon's jackassiness. <g> 5. Research Reports features a wildly bullish rec on Gemstar, one of my biggest mistakes of the past year. Unfortunately, the recommender is a firm called Brean, Murray and I think they have seven clients. <g> 6. Mailbag is the true star. A letter from an Intel critic that tells it like it is. And a poem from Ben Stein. This is not one of Ben's better works, but his trash is better than my gems, so I like to read it. The ditty questions why the Naz is still so overpriced and why folks pay 42 times for the 500. Methinks some dumb broker must have won Ben Stein's money. In other media, Joe Battapaglia was on Cashin In today. Trapper John from Mash (Wayne Rogers) was brave enough to ask the question: "hey, Joe, haven't you been bullish through the entire decline?" And, to his credit, Joe admitted the truth. The guy may be totally wrong and kind of obnoxious, but at least he doesn't try to spin his past sins into virtue. I was a bit impressed by that. But he's still Ringo's brother, Wrongo Starr. That's all folks.