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Technology Stocks : VALENCE TECHNOLOGY (VLNC) -- Ignore unavailable to you. Want to Upgrade?

To: lws who wrote (6965)	1/11/1999 12:31:00 PM
From: MGV	Read Replies (1) \| Respond to of 27311

Here is relevant language on the general subject of ST market inefficiency, LT efficiency, and fundamental reasons in distinction to non-fundamental reasons for ST price movements. The excerpt comes from a recent column by Jim Cramer. "If you only know the fundamentals of the companies, often you don't know enough to understand short-term moves. In the long term, of course, things could be quite different. But next time when you are puzzled over what one of your stocks is doing, remember that yellowed Aug. 28 Journal: You may not find out why it's moving the way it is until much, much later, when it is too late to matter. And just as I would have liked to have been a buyer on Aug. 28, given what I now know, I have to accept that not everything about a stock's move is knowable or gettable given the secrecy of the profession itself. Unless you want to change the rules about secrecy, we will always have to be puzzled over a certain aspect of a stock's valuation. Unfortunately, in this market, it is the most important aspect, particularly with the hoarding going on in the Net stocks. So we fly blindly higher, not knowing who is sponsoring these stocks up here, and not knowing when they will reach levels that these sponsors themselves can no longer stand." James J. Cramer is manager of a hedge fund and co-chairman of TheStreet.com. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Cramer's writings provide insights into the dynamics of money management and are not a solicitation for transactions. While he cannot provide investment advice or recommendations, he invites you to comment on his column by sending a letter to TheStreet.com.