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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: accountclosed who wrote (46781)	2/12/1999 4:03:00 PM
From: Bonnie Bear	Respond to of 132070

maybe got a job as a sell-side analyst?

To: accountclosed who wrote (46781)	2/12/1999 5:03:00 PM
From: Earlie	Read Replies (3) \| Respond to of 132070

Hi A.R. Tom K turned bearish last late summer. If you will recall, I threw a few rocks in his direction before his "U" turn, on the basis that "he knows what's coming". Once the last client had had his pink tickets time stamped, he turned black-furred bearish. The WSJ flamed him for the fact that a week before the conversion, he had stated that it was "the best of all possible worlds" for semis. "Pump and dump". Clients extracted TK stayed bearish even as INTC et al rose like a rocket. He knew there was no fuel. The sales folk at ML rebelled against him and openly told clients to buy and that the firm's esteemed semi analyst "didn't know a chip from a plank" as one of them was reputed to have stated. TK was tied to the stake, the coals were lit, and he finally cried "uncle". From my perspective his firm extracted the recantation they wanted, but TK had the last laugh. An "accumulate" on INTC (don't touch) and a "neutral" on MU (this thing has flies on it) was a superb thumbing of the nose at both management and the sales force. Something had to give, and TK did the right thing.,...he resigned. I personally think that TK is a huge winner on this whole thing. The street knows that he wanted to stay bearish (he really does know what's coming, much as some of us on this thread do,...it is not rocket science, given a full year's warnings and deterioration). His firm wouldn't let him. He "damned with faint praise", and then resigned,.......RIGHT BEFORE the mess really gets underway. As the Tsunami comes ashore, Tom is not down there in the harbour, he's up on the high ground, both right and righteous. Bravo for him. They'll throw money at him (to manage) once this "call" proves out and he doesn't have to hang around ML and help load the dead bodies into those plastic sacks. From the perspective of those who are bearish, both the event and the timing couldn't have been better. (g) Best, Earlie