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Adam:
sobering email. makes me feel kind of guilty. I rode
ATHM for a double from the low 60s to the low 100s,
then got out. I remember thinking at the time that I
may have gotten out too soon...
--- Adam Hefner <vonhef@xxxxxxxxxxxx> wrote:
> I received this from Real Traders list.........I
> hate to see someone fall
> this way, but
> it makes you think about it.
> Adam
>
> ----- Original Message -----
> From: Gwenael Gautier <ggautier@xxxxxxxxxxx>
> Sent: Friday, February 25, 2000 6:43 AM
> Subject: [RT] All we need is tech...
>
>
> > Found this on
> http://www.siliconinvestor.com/insight/contrarian/
> >
> > Gwenn
> >
> > All we need is tech... Richard Russell in his
> column yesterday described
> > the market as grotesque, which is not a bad
> description. To try to put
> > the chaos in perspective, here's an approximate
> rundown on some of the
> > indices thus far this year. The S&P is down about
> 7 percent, the Dow's
> > down about 12, the transportation index is down
> about 20, various
> > different financial indexes are down about 16 and
> the Amex oil index is
> > down about 17. Compare that with the Nasdaq, which
> is up about 13
> > percent; the Nasdaq 100, which is up about 14 and
> the Sox, which is up
> > about 50. I guess in the new economy bubbleonians
> figure we don't need
> > oil, transportation or financial help, we just
> need technology.
> >
> > The more traditional companies (the ones that
> employ most people and buy
> > lots of technology, by the way) in America
> continue to get tossed over
> > the side while absolutely madcap speculation takes
> place on the Nasdaq
> > and in technology in general.
> >
> > In the mania chronicles... I want to share an
> email a reader sent me
> > from a Yahoo message board about a speculation
> gone bad. We should point
> > out though that this stock has split 2-for-1, so
> some of the numbers
> > don't make sense. I can't vouch for the accuracy
> of this particular
> > post, but if it turns out to be a spoof, I think
> the point survives.
> > Because if things like this haven't happened
> already, unfortunately they
> > will happen down the road.
> >
> > "Took equity line equal to 125% of my homes value
> in May 99. Put money
> > in my brokerage account, set up margin, went on
> margin 100% when athm
> > was 175, rode it to 199 then all the way down to
> here.
> > "House was sold, fortunately it's a real strong
> market so was able to
> > cover total 125% loan. Used balance of proceeds to
> pay off 50% of margin
> > debt, of course the brokerage sold most of my
> equities awhile ago to
> > cover the calls.
> > "I'm now working 2 jobs, and am moving back in
> with mom, with my wife
> > who is 6 months pregnant. My wife is also working
> two jobs days at
> > shoprite and nights at Rite Aid. She's making
> pretty good money but her
> > feet are getting real swollen.
> > "We figure that we should be out from under in 3
> years, or if athm gets
> > to 200."
> >
> >
> >
> >
> >
>
>
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