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No. of Recommendations: 290
Dreamer got it right in his post #23475:

Also, if the individual investor listens to the fund managers to time their entry and exit points, they will be sure to go bankrupt.
Typical Tech Case in point: SEBL downgraded by everyone the other day, already well off the highs it established.

Permit me to add a few words:

First,I think he meant Wall St. analysts working for the various houses (rather than Funds).

How is it that there is not a national scandal about the fact that these eminence grises of the major houses were so zealous and bullish on technology at the height of the bubble 1Q/2000, while today, they can muster up the nerve, the absolute chutzpah to say "that stocks are still over-valued by any traditional metric", and "prices are still high...we can expect some more multiple compression" (dontcha just love that term? they don't have the cajones to say in plain English that "prices may fall further". This from people who were arbitrarily inventing metrics on the fly - page views, eyeballs, miles of fiber lit, or laid.

Aside: Bullwinkle: "Hey there Rocky, wanna see me pull a ludicrous valuation metric out of my hat"?
End of Aside.

Perhaps we individual investors had it coming to us, if we were hit out of the ball-park by the worst bear market in a major national stock market since 1973-74. But those who are rewarded so handsomely by the most prestigious houses should surely have know better than us - or should they?

The auspicious WSJ said today:
"It was a debacle that almost no major brokerage-firm strategist forecast."

They have no shame, no remorse, no apology, no sense of wrongdoing. And why should they? After all, they too must make a living.

JNPR a buy at 200, excessive P/E at 58.
JDSU a buy at 150, excessive P/E at 30.
EMC a buy at 80, still excessive at 39....(not to mention being "immune from a tech slowdown")
QCOM a buy at $500(pre-4:1 split)
AMZN headed for $400, pre-split, now barely a $10 stock.
ETYS in bankruptcy proceedings

Go figure.

But you know, the populace is waking up. There have been two (2) articles on the Wall St. analysts in the NY Times recently, one as recently as yesterday's front page, the other brilliantly entitled "How could so many have got it so wrong for so long" (author. G. Morgensen). And front page coverage of the recent SEC case in the Sunday magazine (more later).

Not to mention a recent 60 Minutes expose on national television, and constant sarcasm on CNBC (no great repository of truth in reporting, either).

These jackals have no sense of shame.

Walter Piecyk, Paine Webber, now UBS Warburg, are you still employed in the industry, and how much did you make for the firm that day in 12/99 when you predicted QCOM will reach a split adjusted $250 (Dec '99, $1,000, pre-split), and the stock jumped $156, literally, adding to what was already an extraordinary hysteria in that stock?
Did I hear something about "fanning the flames"?

Sirs, have you no sense of shame?

Henry Blodgett and Her Royal Highness, Mary Meeker, Queen of the Internet, which way PCLN, AMZN, ETYS and the rest of them? Where are you hiding now, Madam? How are you each enjoying that $15M annual salary and bonus? Not to mention the delicious irony of Mr. Blodgett's promotion to coverage of MSFT!!

Sir and HRH Queen Mary, have you no sense of shame?

Wayne Angell and Bear Stearns, how much did the firm make in those recent Friday/Monday rallies, and how can you dare to even show your face in public after that preposterous (double) call over Fed rate cuts, which was so easily taken back after the market had moved as it did? Did the market rise enough for you that Fiday, and the following Monday when you upped the ante from 60% chance to 80% chance of an imminent rate cut, last week?. (Need I add there was no cut, and the call subsequently retracted?)

Sirs, have you no sense of shame?

Where is Abby Joseph Cohen these days? She is in today's WSJ, saying that she had basically gotten it right with ther tech call of March, 2000 ("Still, she says, she didn't miss the market's problems altogether. In March, she suggested that investors take some money out of stocks in general, and tech stocks in particular")
How is it then that no-one listened to Wall St.'s most influential analyst? Perhaps because she didn't get it right, just advocating a slight diminution of Goldmann's tech allocation, and not a bursting of SuperTanker America, as manifested in the strength of our equities markets?

Madame, have you no sense of shame?

And for all of this, the SEC has persecuted a 15 year old boy in the suburbs of NJ for touting penny stocks on Yahoo or AOL!!! But they never prosecuted him - why might that be? Perhaps because they are more familar than I with what is written above, and would surely lose such a case. This was covered in a recent NY Times Sunday magazine cover story.

So what else is there to say? Nothing. As dreamer put in in his post #23475, if investors listen to these people "they will be sure to go bankrupt".

We can all lose money on our own, thank you very much. We don't need this additional assistance.

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