Re: [CANSLIM] WCOM restatement

From: Davellil5@aol.com
Subject: Re: [CANSLIM] WCOM restatement
Date: Wed, 26 Jun 2002 11:52:08 EDT

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I remember "Wall Street" for the anti-capitalism, anti-free-market 
propaganda, slipped into the dialogue.  For example, from Gecko, the takeover 
artist, "greed (irrational acquisitiveness) is good", instead of "rational 
self-interest is good".  Or, the words,  "You know all businessmen are 
crooks" (underlining mine).

I was just a kid in 1929, but I remember the exaggerated value claimed by 
some holding companies that sat at the top of pyramids of other holding 
companies.  Hence the term, "watered stock".  Nothing new about crookedness, 
nor is it peculiar to the capitalist system.  The gold medal for crookedness 
is still held by the Soviet Union.  In any system, someone is always looking 
for "a nangle" (Guys and Dolls).

Problem is how to detect it before getting hurt.  I see increasing evidence 
that one's main protection is letting the market say when to get out of a 
stock -- in spite of all evidence that it's a good bet -- because when a 
stock starts to fail it's because some people know what we don't know.  They 
may be insiders or ancillaries, like accountants or lawyers, but we don't 
have to know that,  They're making their escape.  We have to follow in time 
- -- recognizing that we're sometimes being manipulated by short interests and 
sometimes even deserting a perfectly sea-worthy vessel.

Wish I knew that sooner.

Regards to all, Dave



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