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

To: John F. who wrote (2859)	10/19/1998 1:43:00 PM
From: Rick	Respond to of 4509

Thread - Excellent follow ups to the GSCO discussions. My general approach to the i-banks, their recs, etc. is one of great skepticism. There are times when I think the recs are excellent contrary indicators. In general, I view downgrades after prolonged declines, and during times of fear, as contrary indicators, and likewise with upgrades after prolonged ascents. Obviously, you need to look at any potential fundamental changes, but there are definitely times that you can profit from the manipulation. But you really need to enjoy the game to play it this way, othewise you can be frustrated and whipsawed - companies with $ and influence will always use it to their advantage, and given the varied interests in the i-banks (deals vs. money mgt. vs. retail operations), it's not easy to know what they are up to. The tactics of are always changing, as well. It seems that the only constant in the entire game is that the public will almost always latch onto upgrades or downgrades that confirm their own hopes. Often, this leads to lack of independent analysis, complacency, and ultimately lower investing profits. Anyway, I continue to be impressed by the information/discussion on this thread. Keep up the good work. Rick.