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

To: Melissa McAuliffe who wrote (2898)	10/20/1998 2:57:00 PM
From: Rick	Respond to of 4509

Melissa - Stocks are definitely manipulated in the short run by those with influence. Sometimes its the i-banks with their insincere recs, sometimes it's insiders with big positions, hedge funds, mutual funds, etc. The game of trying to exert influence in a way that benefits one's own position(s) or desired position is age-old and will never go away. At any given time, though, there are so many players with so many different agenda's that it's very difficult to pinpoint or prove manipulation. Furthermore, like any good predator, the manipulators change their tactics frequently, and are always on the alert for an opportunity to take advantage. The best way to avoid becoming prey is to be alert and develop a good "Bullshit Indicator". I know that's not very helpful, but I guess the general point is to avoid getting pulled into excessive fear or excessive greed; do your own homework, develop beliefs based on the facts, and stick with your beliefs until new facts arise that require a change. Anyway, it's certainly possible that PSFT is being manipulated by an excessive rally. There is no doubt. What I am saying is that based on what I know about PSFT and it's business prospects, I think it's oversold and undervalued, in great part due to the environment of fear over the past couple of months. I think this rally is for real. I hope I am not proven wrong. rick. P.S. if i wanted to take a big position in PSFT and I were able to influence the price down by creating additional fear, and knowing that selling attracts more selling (and buying attracts more buying), I would have done just what the i-banks did. they are not in this game to create a fair market - that's more of a by-product - they are in it to make money, and they will use whatever tools are available to do so. This is especially true just after you've lost your ass in the emerging markets.