Yet Another Example of Analyst Expertise

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By throgsnk
November 30, 2001

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Over the last few months, I've read several reports from the Pundits at J.P. Morgan attempt warn the investing public about the dangers of investing in tech stocks. JPM's song-and-dance included Armageddon scenarios of high PE's, no IT spending, the demise of the PC, and a variety of assorted dirges all ending in cataclysmic results for technology investors.

Well, I read today that the geniuses at J.P. Morgan, you know all the economists and analysts that claim sheer brilliance when it comes to investing, will have to eat $500,000,000. in UNSECURED loans to Enron. Now, imagine the clairvoyance of these "geniuses" not to even have secured the debt. It's one thing to make bad loans when you're a bank, considering the fact that most banks ask for and receive virtually every bit of financial information and [minutia] they ask for - "before we can make a decision". What a joke - these imbeciles weren't even smart enough to analyze the secure the debt even if they weren't smart enough to know that Enron was making markets in every commodity under the sun while sucking dry the only place where it was making money - Energy.

So, the next time some so-called, self-anointed guru from J.P. Morgan bellies up the microphone on CNBC -- keep in mind, his/her footprints were probably around the table where the UNSECURED loans to Enron were approved. That should remind technology investors to do the exact opposite of what any financial pundit from J.P. Morgan suggests about buying or selling tech stocks.

Good luck to the INTC longs.


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