|Time to take some tech off the table. |
Selling 50% of
It was an amazing year. NVDA is a ten baggger from the lows.
I am content to sit 50% cash for the summer.
Barron published a harsh dot.,com story in April 2000 showing how many will burn through cash and be broke. The Nasdaq dropped 25% that week. That week. We have four years of tech declines. Kevin Landis praised as a genius in tech for double digits gains in the 1990 lost 40% three straight years as his hedge fund collapsed.
I am reminded on July 13 2000 when Jonathon Joseph said Semis are too overpriced and that triggered the collapse of the Nasdaq. He got death threats.
July 13 2000
A Wall Street analyst who made an unpopular forecast for the semiconductor sector last week has received death threats as a result, sources close to the matter told CNNfn.
Last week, Salomon Smith Barney downgraded its rating on the semiconductor sector to "neutral" from "outperform," warning of a looming slowdown in growth. The firm also downgraded its ratings on four specific chipmakers.
Several sources with knowledge of the matter this week confirmed that one of the authors of the report has since received death threats by both e-mail and telephone. It is CNNfn policy not to identify individuals under such circumstances.
They said they believe the threats came from investors angered by the unpopular report, not from anyone within the companies that were downgraded.
The report sparked considerable controversy on Wall Street last week, with most other chip analysts taking issue with some of its analysis.
It also weighed heavily on the entire semiconductor sector, which has been among the strongest performing segments of technology this year. Though it has since recovered, the report sparked a sharp chip sell-off which dragged the Philadelphia Stock Exchange's semiconductor index down more than 9 percent.
And apparently the analyst at Salomon Smith Barney is not the only prominent Wall Street analyst to experience this kind of reaction to unpopular opinions on stocks in the high-flying technology sector.
It is 17 years later. Don't get greedy. Buy some silver or gold.