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To: LWolf who wrote (59392)	8/19/1998 11:12:00 AM
From: Chuzzlewit	Respond to of 176387

Good morning Laura, Thanks for your kind words. I have very little respect for the analysts at brokerage houses for several reasons. First, there is a clear conflict of interest implicit in their positions. Brokerages make money by buying and selling stocks. So the more they get you as an investor to churn your account, the more money they make. Second, they must be careful not to alienate companies, because the company may want to have a secondary stock offering of debt issuance, and why alienate a potential customer? The result of these motivations is a series of recommendations that are fraught with overtones that have nothing to do with the merits of the individual company. But motives aside, there is also the problem of basic competency. The focus on ASP is one such example. Another is their preoccupation DSO and stuffing the channel. In certain cases I have found some of these analysts claiming problems with DSO without understanding the uses and limitations of that metric, and glibly making pronouncements about channel stuffing, when in fact there were no channels to stuff. Ditto "back-end loading". What truly amazes me is that given these patently obvious problems, these people have such tremendous sway in the marketplace. TTFN, CTC