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

To: cardcounter who wrote (30985)	8/12/1998 10:24:00 AM
From: Knighty Tin	Respond to of 132070

CC, Rick started on Second City TV, Canada's SNL. Along with John Candy and several other well-known stars of bad movies. IMHO, drugs were simply hit because they have the highest valuations. The most overpriced usually get beaten in one of these quickie selloffs. My guess is they are coming back today. I have no idea about six months. However, in three years, the dopers will be much cheaper. The HMOs are falling apart and the inflation of drug prices will eventually catch Alan G's attention. The Republican answer to their campaign donors ripping off the public has always been, "let the market take care of it." That, of course, is a joke. We will see another move toward socialized medicine, which will fail, but will almost certainly hit these bloated stocks before the dust clears. I may be out of touch. The fund managers I knew bought what they liked and sold what they didn't like, and they didn't worry about the end of the quarter. Of course, I worked with the top dogs, so the weak and mentally-challenged may have different ideas. With so many of the firms doing closet indexing, I don't see much going on. The momentum geeks will pay dearly for anything that went up the day or week before, but, again, that has nothing to do with quarter end. Don't bet that they haven't earned their bonuses. They compare against the indices and each other, so half of them always get a bonus. If a manager is at least average, and he has any sense whatsoever, he fixes his list of competitors by peppering it with the true idiots in the business. Speaking as one who did so, there is no shortage of maroons to put in your peer group. And beating the indices is easy in a down market. As the saying goes, in the land of the blind, the one-eyed man cashes a dandy check at year end. <G> Also, there has been a lot of musical chairs in the biz, and many of these guys are able to negotiate guaranteed bonuses, as dumb as that sounds. I never did, because I had too much ego to think that I could possibly miss a bonus period. But one of the guys I hired did it. Silly, but it is like ball players renegotiating long term deals. It has no basis in common sense. MB