Buffett said; ��They (Insiders) view Shareholder as patsies, not partners��
Does that apply here?
�Bosses Make Off With the Cash�
�Buffett also returned to a favorite theme �� the shabby ethics of many businesses in the United States �� encapsulated by the tech bubble and the fall of Enron.
"Charlie and I are disgusted by the situation, so common in the last few years, in which shareholders have suffered billions in losses while the CEOs, promoters, and other higher-ups who fathered these disasters have walked away with extraordinary wealth," he said.
Buffett repeated his long-held promise that he will never sell any of his 31 percent share in Berkshire, taking the rough with the smooth along with other shareholders. Buffett's stake in Berkshire is worth about $34 billion, which he says is 99 percent of his net worth.
"Many of these people were urging investors to buy shares while concurrently dumping their own, sometimes using methods that hid their actions," said Buffett, making an implicit criticism of Enron. "To their shame, these business leaders view shareholders as patsies, not partners."
Enron has become the symbol for shareholder abuse, Buffett said, but "there is no shortage of egregious conduct elsewhere in corporate America," he warned.�
Longs are taking all the risks (for what?) while insiders "make off with the cash"
I think it was a sincere post, here's another one. Back in those days Longs were in a real dream world. Here's another one-
"JNPR is a great buy at these levels.
by: crazykid843 (26/M/NY, NY) 10/17/00 11:19 am
Msg: 41031 of 270630
I am loading up the boat baby. I can't believe I am getting another opp to buy at these levels. I thought this stock would be 300+ after earnings like it posted! NO worries for JNPR.
Can't wait til November for this baby...only 11 trading days left!!! "
It's the same story over and over, "retail longs are gong to get rich on sh*t".
Meanwhile the only people that got rich were the insiders. Retail Longs are nothing but patsies to them. The buy shares for $1 and sell them to the Longs for $50. Why don't they hold for the big money that's coming, like you do.
This was a reply to one of my warnings on the juniper board.
kingcpa - I think it it a stretch to compare juniper in 2000 to ANYTHING now, let alone a company which which has beat estimates for 7 straight quarters.
You must admit, the long term prospects for USAI are extremely solid with their core holderings, even if they do overpay for EXPE. Diller has made a lot of us a lot of money by following his lead and I will hold this puppy for years, not months.
Look at WYLIE WONG'S Price target-
Juniper Networks soars on analyst rating
By Wylie Wong
Staff Writer, CNET News.com
February 29, 2000, 4:15 PM PT
update Shares of high-flying Juniper Networks jumped $45 today after an analyst firm started coverage of the network equipment firm with a "strong buy" rating.
Juniper's stock climbed 20 percent today, closing at $274.31 as more than 4 million shares exchanged hands. Since a 3-for-1 stock split in mid-January, the company's stock has more than doubled.
The strong increase today follows Wit Soundview's new coverage of Juniper, as the analyst firm rated the stock a "strong buy" with a 12-month price target of $350...
Nothing much changed, suckers are still buying and getting conned.
jeff you said-"I put a $45 price target on EXPE by this coming October, and it exceeded my price target by nearly $10/share, and so I sold between $53 and $54."
jeff you were more than right, the Bubble did go to over $10/share higher than your target.
But Price Target and prices of these Bubbles are meaningless or a Con.
Remember my Juniper Example (mentioned in Msg 56588), They put a price target of over $400 on it. It did go up to about $250. The fine firm of Morgan Stanley downgraded it and lowered the price Target to $120 and it went down $32 in one day.
Well that bubble surpassed the downgrade to $120 and dropped to $4.
There is no way that Expedia can justify a $6bn valuation.
The Insider of EXPE have cleaned up and are set for life and will leave the retail stockholders holding an empty bag.
The old con from 2000-
"Morgan Stanley downgraded the networking sector to Neutral based on capital spending concerns. Juniper (NASDAQ:JNPR) plummeted 32 1/4 to 122 3/32, approaching our downside target of 120 based on the break of a broadening top. Redback (NASDAQ:RBAK) lost 8 3/4 to 72, and Extreme Networks (NASDAQ:EXTR) dropped 8 13/16 to 64 1/2."