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Technology Stocks : PSFT - Fiscal 1998 - Discussion for the next year -- Ignore unavailable to you. Want to Upgrade?

To: Elmer who wrote (2593)	10/10/1998 1:34:00 PM
From: Don Dodge	Respond to of 4509

David, Good note on the analysts. I was burned on Forte in a big way. In fairness to Chuck Phillips he downgraded long before FRTE lost 90%. I talked to Chuck about the timing up up grades and down grades about a year ago. He said that institutional investors look to him for guidance and that it takes them at least 3 months to establish a position or unwind a position. Therefore he is hesitant to issue new ratings, up or down, on any stock more than twice a year. This means he may miss the tops and bottoms but he usually gets the direction right. His ratings changes can move the market and potentially damage the large institutional investors who pay Morgan Stanley big money. People must remember that the top analysts are advisors to large money managers, NOT day traders looking for a quick buck. Don