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Technology Stocks : IBM -- Ignore unavailable to you. Want to Upgrade?

To: yard_man who wrote (3943)	10/19/1998 7:47:00 PM
From: Robert Scott Diver	Respond to of 8218

My point is that Jules has been making these same points for years. Not only haven't these points been reflected in a lower stock price over this period of years, the stock has instead gone up significantly. This suggests to me that either the points don't have a great deal of validity, or when all information is processed, the net is positive. Certainly the continuing new highs suggests the net is positive in the minds of most investors. Zacks indicates that analysts view the net as positive also. Scott

To: yard_man who wrote (3943)	10/24/1998 6:00:00 PM
From: Bill Martin	Read Replies (1) \| Respond to of 8218

Re: Jules makes valid points that are all well-known. But I don't think they are fully reflected in the stock price yet. Sorry, but this is pure fiction and/or wishful thinking. Anything which is "well-known" about a stock as large as IBM is fully priced into the stock already. What makes the stock price move are new (not well-known) information and/or emotional excesses of fear/greed in either direction. To say something is well-known, but you're the only one paying attention is delusional. In my view it's much more likely that an individual is overlooking something which is "well-known" to everyone else than than everyone else is ignoring something. Bill