To: Yargnad who wrote (35977 ) 11/7/1998 11:00:00 AM From: JRI Read Replies (1) | Respond to of 97611
Just my 2 cents... Joe B. has been one of the biggest (literally), most visible bulls on the Street...getting a lot of free pub on CNBC.. It is not inconsistent for him to NOT like Phillip Morris if he perpetually believes that we are in a bull market...after all, it is a safe haven stock..(in good times and bad people smoke and eat, right?).....and I think, also, until the recent run-up...the stock had been dead money for quite a while..not performing well while the bull was in force.... Of course, PM would be expected to do great during any correction/crises period...especially one that included (for a while at least) a total lack of (overall) investor confidence...an end-of-the world psychology, if you will....and PM did do great....however, I dont think Joe B. (or any of the raging bulls, Abbey J. Cohen, etc.) predicted/expected the severe correction that we all just lived thru.... To conclude, one of the major problems I have with the analysts is that they are spread way too thin....in other words, even with their teams (of helpers) there is no way they can adaquately follow all of the industries/companies that they go on TV and try to show understanding for...Time and time again, I have seen analysts quote wrong information (or very simplistic reasoning) concerning buying/selling stock....The average person of intelligence would say "I really dont know enough about it, but...". These guys/girls dont....Until someone calls them on it (their bad calls)....They will keep spouting off unintelligibly about everything... On October 7, the CEO of Merrill Lynch went on MoneyLine and told the world we were going to 7000 and below....I took this to mean that the downturn was over, and it was time to buy... I wonder who was right? <G> Maybe I (and many others on the threads....Rudedog, Chuzzlewit, E. Kim, etc.) should apply for his job....We all bought in (on the 8th) and seem to be able to predict market turns as well or better than that guy (and whoever is giving him info)..