Re: [CANSLIM] WCOM restatement

From: "J. Lobatto" <jlobatto@nyc.rr.com>
Subject: Re: [CANSLIM] WCOM restatement
Date: Wed, 26 Jun 2002 12:01:19 -0400
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Actually, he expected the banks to close down ( a la Banking "Holidays"
declared under Roosevelt), so I think he just wanted to get some cash and
his gold out of there. It may seem laughable 15 years later, but those of
who were investing back then were scared @#%*#less.

Jon
- ----- Original Message -----
From: "Winston Little" <wlittle1@peoplepc.com>
To: <canslim@lists.xmission.com>
Sent: Wednesday, June 26, 2002 11:57 AM
Subject: Re: [CANSLIM] WCOM restatement


> Jon:
> What was Schwart planning to do with the gold .... wear it or eat it?
>
> ----- Original Message -----
> From: "J. Lobatto" <jlobatto@nyc.rr.com>
> To: <canslim@lists.xmission.com>
> Sent: Wednesday, June 26, 2002 11:47 AM
> Subject: Re: [CANSLIM] WCOM restatement
>
>
> > PS- For anyone who wants to read a brief but very vivid close up account
> of
> > that fateful day in 1987, I recommend Marty Schwartz's "Pitbull". It has
a
> > short section on the day of the crash when Marty went to his safe
deposit
> > box to "get the gold" as he was one of those that expected the whole
> system
> > to come undone. He states in the book that the public will never know
how
> > close we came to the events he feared.....
> >
> > Jon
> > ----- Original Message -----
> > From: "Kelly Short" <kelly.short@neoris.com>
> > To: <canslim@lists.xmission.com>
> > Sent: Wednesday, June 26, 2002 11:25 AM
> > Subject: RE: [CANSLIM] WCOM restatement
> >
> >
> > If I were new to this earth and had just learned what the US stock
market
> > was by reading the comments shared this morning post-Worldcom I'd think
> the
> > stock market was going bye-bye. I'll admit- I'm still wet behind the
ears
> > when it comes to investing experience but I can't for a minute believe
> that
> > the same types of comments weren't passed around (albeit pre-Internet,
> > shiver) regarding the 1987 crash. Can anyone remember back that far? I
am
> > correct and memory short? Or this truly "new"? Sorry folks- I was in the
> > sixth grade in 1987.
> >
> > Kelly
> >
> > P.S. - thanks for the "Wall Street" quotes- it's the most used DVD I
own!
> >
> > -----Original Message-----
> > From: Cefaloni, John L Jr. [AMSTA-AR-WEA]
> > [mailto:john.cefaloni@us.army.mil]
> > Sent: Wednesday, June 26, 2002 10:18 AM
> > To: 'canslim@lists.xmission.com'
> > Subject: RE: [CANSLIM] WCOM restatement
> >
> >
> > At the risk of being corny, I thought I'd dig up some quotes from the
> movie
> > "Wall Street" (because Hollywood tells us everything we need to know
about
> > life ;-)
> >
> > "The main thing about money, Bud, is that it makes you do things you
don't
> > want to do."
> >
> > "Stop going for the easy buck and start producing something with your
> life.
> > Create, instead of living off the buying and selling of others."
> >
> > "Stick to the fundamentals.  That's how IBM and Hilton were built."
> >
> > "There are no shotcuts.  Quick-buck artists come and go with every bull
> > market, but the steady players make it through the bear markets."
> >
> > "You're on a roll, kid.  Enjoy it while it lasts, becuase it never
does."
> >
> > and, of course...
> >
> > "Man looks in the abyss, there's nothing staring back at him. At that
> > moment, man finds his character. And that is what keeps him out of the
> > abyss."
> >
> > Of course, the movie is packed with many more "bullish" quotes, but
those
> > will have to wait for another day.
> >
> > -----Original Message-----
> > From: Winston Little [mailto:wlittle1@peoplepc.com]
> > Sent: Wednesday, June 26, 2002 10:33 AM
> > To: canslim@lists.xmission.com
> > Subject: Re: [CANSLIM] WCOM restatement
> >
> >
> > People in the rust belt are back in style.
> >
> > I believe the expression is "The meek shall inherit the earth".
> > There is merit to the people who work and sweat for a living, instead of
> the
> > glorified crooks of the past three years.
> > Remember all those clowns forming companies (with NO EARNINGS) that had
> > market capitalization greater than that of General Motors?
> >
> > Today:
> > Lear LEI is up.They make car seats and interior parts.
> > Delphi DPH guided up yesterday. They make electronic parts for cars
> (mostly
> > GM).
> > Visteon VC guided up this morning.They make car parts (mostly for Ford).
> > P&G ( as Duke pointed out) is up. Soap, toothpaste and paper towels.
> > Donnelly DON  (mirrors for cars) is to be bought out by Magna (they make
> car
> > parts) at 38% premium.
> >
> >
> >
> >
> > ----- Original Message -----
> > From: "Duke Miller" <dukemill@tampabay.rr.com>
> > To: <canslim@lists.xmission.com>
> > Sent: Wednesday, June 26, 2002 10:07 AM
> > Subject: RE: [CANSLIM] WCOM restatement
> >
> >
> > > Absolutely.
> > >
> > > P&G is up over $1 at the open this a.m.  Up 16% this year.  43% last
two
> > > years.  Soap, toothpaste, quality people.  All things you can count
> > > (on).
> > >
> > > Duke
> > >
> > > (I do have a position in P&G)
> > >
> > > -----Original Message-----
> > > From: owner-canslim@lists.xmission.com
> > > [mailto:owner-canslim@lists.xmission.com] On Behalf Of Winston Little
> > > Sent: Wednesday, June 26, 2002 9:48 AM
> > > To: canslim@lists.xmission.com
> > > Subject: Re: [CANSLIM] WCOM restatement
> > >
> > >
> > > There may be some merit to companies that make goods that I can see,
> > > touch and count such as houses, cars, chemicals.
> > >
> > > There may also be some merit to companies that pay dividends, as the
> > > crooks are less likely to borrow or steal funds to pay dividends.
> > >
> > >
> > > ----- Original Message -----
> > > From: "Dave Cameron" <dfcameron@yahoo.com>
> > > To: <canslim@lists.xmission.com>
> > > Sent: Wednesday, June 26, 2002 9:33 AM
> > > Subject: RE: [CANSLIM] WCOM restatement
> > >
> > >
> > > > Rocky (and all),
> > > >
> > > > Yeah... this is amazing.   As a professional statistician, the
recent
> > > > events show why I don't use classical statistical techniques in
> > > > investing.   I sold all my individual holdings in November - haven't
> > > > bought back in.   Still hold the mutual funds for long term, but
> > > > continue to watch them dwindle.
> > > >
> > > > My line to people at work is that I'll be working until I'm 80....
> > > >
> > > > Dave
> > > >
> > > > --- Rocky Sanghvi <rs@mylodestar.com> wrote:
> > > > > I wish I could say that today coming blowoff will be the last one.
> > > > > There are other skeletons in the closet.  More importantly the
> > > > > impact of the
> > > > > dropping dollar will be enormous in our highly leveraged financial
> > > > > system.
> > > > >
> > > > > From ECON 101
> > > > > Until now we were managing to balance our foreign deficits by
inflow
> > >
> > > > > of cash from other countries into our markets.  The falling dollar
> > > > > is an indication
> > > > > that money is moving OUT of the country.  Watch out for the ripple
> > > > > effects.
> > > > >
> > > > > Unless ofcourse we attack Iraq immediately and thereby create "a
> > > > > demand" for
> > > > > the the safety of the American dollar.  ;)   I guess I am cynical.
> > > > > Today
> > > > > the market lost me as an investor for a very long time.  I quit.
> > > > >
> > > > > -----Original Message-----
> > > > > From: owner-canslim@lists.xmission.com
> > > > > [mailto:owner-canslim@lists.xmission.com]On Behalf Of Winston
Little
> > > > > Sent: Wednesday, June 26, 2002 8:34 AM
> > > > > To: canslim@lists.xmission.com
> > > > > Subject: Re: [CANSLIM] WCOM restatement
> > > > >
> > > > >
> > > > >
> > > > > The mantra of the clowns:
> > > > > "I want it ALL"
> > > > > "Give it to me NOW"
> > > > > "It is MINE, I deserve it"
> > > > >
> > > > > ----- Original Message -----
> > > > > From: "Kent Norman" <kent_norman@yahoo.com>
> > > > > To: <canslim@lists.xmission.com>
> > > > > Sent: Wednesday, June 26, 2002 8:12 AM
> > > > > Subject: RE: [CANSLIM] WCOM restatement
> > > > >
> > > > >
> > > > > > The answer is:
> > > > > >
> > > > > > The same childish, short-sighted, immediate satisfaction that
> > > > > blinds
> > > > > > them to the possibility that there is a tomorrow... They run the
> > > > > > business like they live their life. All today and no tomorrow.
> > > > > >
> > > > > > Kent Norman
> > > > > >
> > > > > > --- "Cefaloni, John L Jr. [AMSTA-AR-WEA]"
> > > > > <john.cefaloni@us.army.mil>
> > > > > > wrote:
> > > > > > > Well said, Tom.  What is it that makes people do things for
> > > > > temporary
> > > > > > > gain
> > > > > > > when they know they'll probably get slammed for it in the
> > > > > future?
> > > > > > >
> > > > > > > I guess it's just greed, stupidity and arrogance.
> > > > > > >
> > > > > > > -----Original Message-----
> > > > > > > From: Tom Worley [mailto:stkguru@bellsouth.net]
> > > > > > > Sent: Wednesday, June 26, 2002 12:53 AM
> > > > > > > To: CANSLIM
> > > > > > > Subject: [CANSLIM] WCOM restatement
> > > > > > >
> > > > > > >
> > > > > > > once again, Andersen strikes again, this time by signing off
on
> > > > > > > Worldcom hiding over $3 billion in expenses as capital
> > > > > > > expenditures, and
> > > > > thus
> > > > > > > inflating cash flow. Restatement expected to take away last
> > > > > five
> > > > > > > quarters of
> > > > > > > profits and turn them into losses.
> > > > > > >
> > > > > > > Who gave this sanction to a deviation from GAAP (Generally
> > > > > Accepted
> > > > > > > Accounting Principles)?? Andersen, of course. It's clear that
> > > > > Enron
> > > > > > > was only
> > > > > > > the tip of the iceberg, as if Waste Management, Sunbeam, and a
> > > > > host
> > > > > > > of other
> > > > > > > companies were not sufficient warning of major problems in
> > > > > corporate
> > > > > > > policy
> > > > > > > and infrastructure. Sad to see a great name like Andersen
> > > > > prostituted
> > > > > > > to
> > > > > > > selling its certification services for any price, but also
> > > > > clear that
> > > > > > > it
> > > > > > > must disappear from corporate America. And until every major
> > > > > company
> > > > > > > audited
> > > > > > > by Andersen undergoes a special review by the SEC on
accounting
> > > > > > > practices, I doubt anyone will believe that we have finally
seen
> > >
> > > > > > > it all.
> > > > > > >
> > > > > > > Tom Worley
> > > > > > > stkguru@bellsouth.net
> > > > > > > AIM: TexWorley
> > > > > > >
> > > > > > >
> > > > > > >
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> > > > > > =====
> > > > > > Opportunities always look bigger going than coming.
> > > > > >
> > > > > > __________________________________________________
> > > > > > Do You Yahoo!?
> > > > > > Yahoo! - Official partner of 2002 FIFA World Cup
> > > > > > http://fifaworldcup.yahoo.com
> > > > > >
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> > > > =====
> > > > Dave Cameron
> > > > dfcameron@yahoo.com
> > > >
> > > > __________________________________________________
> > > > Do You Yahoo!?
> > > > Yahoo! - Official partner of 2002 FIFA World Cup
> > > > http://fifaworldcup.yahoo.com
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