DJIA 9027.98 -42.49 (-0.47%) S&P 500 1181.38 -6.32 (-0.53%) Nasdaq 2034.75 -5.89 (-0.29%) Value Line ndx 896.27 -3.36 (-0.37%) 30-Year Bond 104 1/32 +22/32 4.99% Yield
Swedish drug maker Astra AB <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: A)") else Response.Write("(NYSE: A)") end if %> jumped $3 5/8 to $21 7/8 and British counterpart Zeneca Group PLC <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: ZEN)") else Response.Write("(NYSE: ZEN)") end if %> rose $4 1/4 to $45 before trading in both stocks was halted at around 1:30 p.m. Eastern time. Shortly thereafter, the companies announced that they are in "advanced" discussions that could lead to a possible merger. If a deal can be worked out, the combined company will sport Zeneca's stable of cancer treatments, led by Zestril, and Astra's well-established Losic ulcer franchise, which is marketed as Prilosic in the U.S. and accounted for about 55% of Astra's Q3 sales. Rumors that Astra was seeking a merger with Zeneca, Germany's Bayer AG, or even U.S. drug heavyweight Schering-Plough <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: SGP)") else Response.Write("(NYSE: SGP)") end if %> have been in the markets almost all year. With 1999 fast approaching, those rumors appear to be on the cusp of becoming reality.
Other industries in Europe besides pharmaceuticals are consolidating as well. Today, British-based international telecommunications services provider Esprit Telecom Group <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: ESPRY)") else Response.Write("(Nasdaq: ESPRY)") end if %> sprinted ahead $9 1/4 to $39 1/2 after the company agreed to a $985 million stock and debt merger with European telecom companies operator Global TeleSystems Group <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: GTSG)") else Response.Write("(Nasdaq: GTSG)") end if %>. The deal values Esprit at $37.16 per American depositary receipt, which is a 23% premium to the company's closing price of $30 1/4 yesterday. The combined company will be bumping up with some formidable rivals in the race to wire Europe with a high-speed network, including Cable & Wireless <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: CWP)") else Response.Write("(NYSE: CWP)") end if %>, Qwest <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: QWST)") else Response.Write("(Nasdaq: QWST)") end if %>, and a venture linking AT&T <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: T)") else Response.Write("(NYSE: T)") end if %> and British Telecom <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: BTY)") else Response.Write("(NYSE: BTY)") end if %>. However, BT Alex. Brown seemed to like the deal anyway and upgraded Global TeleSystems to "strong buy" from "buy," helping lift the company's shares $5 1/8 to $46 7/8.
QUICK TAKES: Telecom giant AT&T <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: T)") else Response.Write("(NYSE: T)") end if %> rang up $2 1/4 to $67 after announcing it will buy IBM's <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: IBM)") else Response.Write("(NYSE: IBM)") end if %> Global Network business for $5 billion in cash. In addition, IBM agreed to outsource a large portion of its global networking needs to the telecommunications giant in a contract worth $5 billion over five years... Premium ice cream maker and marketer Ben & Jerry's Homemade <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: BJICA)") else Response.Write("(Nasdaq: BJICA)") end if %> added $1 1/8 to $23 5/8 after Hambrecht & Quist raised its rating to "buy" from "hold," citing lower butterfat prices and the resolution of a distribution rights complaint against the company... Wireless communications microwave transmission modules maker REMEC <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: REMC)") else Response.Write("(Nasdaq: REMC)") end if %> tacked on $11/16 to $15 7/16 after reporting Q3 EPS of $0.06, down from the $0.15 reported last year (excluding gains) but ahead of the Zacks mean estimate of $0.03.
Pipeline constructor and offshore drilling platform installer Global Industries <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: GLBL)") else Response.Write("(Nasdaq: GLBL)") end if %> rose $1 to $6 3/8 following reports that an analyst at Raymond James made positive comments about the company, citing recent share purchases by Global Industries' management and solid business performance in West Africa and Asia... Cable TV systems operator Cox Communications <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: COX)") else Response.Write("(NYSE: COX)") end if %> moved up $4 3/16 to $57 15/16 after a company official reportedly told a PaineWebber media conference that the firm would consider an alliance with AT&T <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: T)") else Response.Write("(NYSE: T)") end if %> to sell local phone service via cable lines, although the two companies are not currently discussing any deals... Radio and TV station operator and outdoor advertiser Chancellor Media Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: AMFM)") else Response.Write("(Nasdaq: AMFM)") end if %> gained $2 1/8 to $43 1/2 after Prudential Securities started coverage with a "strong buy" rating and a 12-month price target of $64 per share.
Cable TV and Internet access customer billing services firm CSG Systems International <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: CSGS)") else Response.Write("(Nasdaq: CSGS)") end if %> rose $4 1/2 to $72 1/8 after Morgan Stanley Dean Witter upgraded the company to "strong buy" from "outperform" and boosted its fiscal 1999 earnings estimate to $2.05 per share from $1.75 per share... Records and document management outsourcer Lason Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: LSON)") else Response.Write("(Nasdaq: LSON)") end if %> climbed $4 1/8 to $57 1/4 on news it will be added to the Standard & Poor's SmallCap 600 Index, replacing Northwestern Steel & Wire Co. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: NWSW)") else Response.Write("(Nasdaq: NWSW)") end if %>... Aviation petroleum products, cargo services, and support systems provider Mercury Air Group <% if gsSubBrand = "aolsnapshot" then Response.Write("(AMEX: MAX)") else Response.Write("(AMEX: MAX)") end if %> gained $1 5/8 to $8 5/8 after saying it is in "early" discussions with an unspecified party that may be interested in acquiring the company.
Luxury goods retailer Gucci Group NV <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: GUC)") else Response.Write("(NYSE: GUC)") end if %> strutted its way $2 13/16 higher to $45 1/16 after Donaldson, Lufkin & Jenrette raised its rating to "buy" from "market perform" and set a 12-month price target of $46 per share... Automotive electrical and electronic components maker Stoneridge <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: SRI)") else Response.Write("(NYSE: SRI)") end if %> gained $1 9/16 to $19 1/4 after agreeing to acquire privately held pressure, temperature, and pressure level sensors designer Hi-Stat Manufacturing Co. for $362 million in cash. The deal is expected to add to Stoneridge's earnings in fiscal 1999... Israeli-based software information security firm Aladdin Knowledge Systems <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: ALDNF)") else Response.Write("(Nasdaq: ALDNF)") end if %> climbed $2 1/16 to $11 3/16 after agreeing to acquire the assets of privately owned EliaShim Ltd., including Internet security products maker eSafe Technologies, for 1.24 million Aladdin shares and up to $11.5 million in cash, depending on eSafe's fiscal 1999 revenues.
Los Angeles-based brokerage and securities trading firm Jefferies Group <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: JEF)") else Response.Write("(NYSE: JEF)") end if %> gained $2 to $46 1/2 on news it will be added to Standard & Poor's SmallCap 600 index... Truck drivetrain systems and aftermarket components company Meritor Automotive <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: MRA)") else Response.Write("(NYSE: MRA)") end if %> drove $1 1/8 higher to $21 5/8 after saying it will acquire privately-held truck aftermarket parts supplier Euclid Industries for unspecified terms... Disk drive magnetic recording heads maker Read-Rite Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: RDRT)") else Response.Write("(Nasdaq: RDRT)") end if %> climbed $1 1/16 to $14 7/8 following an upgrade to "buy" from "hold" from Hambrecht & Quist, which also boosted the company's fiscal 1999 earnings estimate to $0.30 per share from $0.10 per share due, in part, to improving supply-demand conditions for the firm's products.
News of trouble implementing a new computer system paired with disappointing results from recent acquisitions pulled down shares of heating and cooling equipment distributor Pameco Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: PCN)") else Response.Write("(NYSE: PCN)") end if %> following the company's warning last night of disappointing earnings for the next two quarters. Pameco shares fell $3 7/8 to $9 11/16 today on the news that labor and interest costs in connection with a new computer system were higher than expected. That, coupled with "less-than-expected" revenues from companies acquired over the last 12 months, will leave fiscal Q3 EPS "only slightly" above breakeven and well below First Call's $0.15 seven-analyst consensus. The company also expects a loss in Q4; the Street currently projects a penny profit. Despite the poor results, more acquisitions appear likely for Pameco, which boosted its credit facility in late October to fund purchases as well as operating and capital costs.
News that delays in the opening of the "Glory of Rome" riverboat will hurt fourth-quarter results at hotel and casino operator Starwood Hotels & Resorts <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: HOT)") else Response.Write("(NYSE: HOT)") end if %> dunked the stock into the river today. Shares of Starwood, a real estate investment trust (REIT) that operates the Sheraton hotels and the Caesar's gaming palaces, cooled $3 1/8 to $26 5/16 after it said it expects Q4 pro forma funds from operations (FFO) of $1.40 per share, a dime below market projections. Today's drop-off may be underscored by the concerns of investors who will have to track the company's finances through EPS (instead of FFO, typically a significantly higher number) next year when Starwood converts from REIT status into a conventional corporation. The company lowered its guidance for full-year 1999 EPS to between $1.50 and $2.00 from between $1.80 and $2.00 because of scaled back acquisition plans and slowed progress with selling assets, according to reports.
QUICK CUTS: Furniture retailer Heilig-Meyers Co. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: HMY)") else Response.Write("(NYSE: HMY)") end if %> cracked $15/16 to $7 5/16 after it said lower sales at its Rhodes division will pull fiscal Q3 EPS "significantly" below Wall Street's $0.22 consensus estimate when the company reports earnings Dec. 16. Same-store sales for November fell 1.5%... Shares of electronics retailer Best Buy <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: BBY)") else Response.Write("(NYSE: BBY)") end if %> dropped $1 11/16 to $51 1/4 after the stock was cut to "market perform" from "outperform" by Sanford C. Bernstein & Co... Shares of electronic design automation (EDA) tools developer Avant! <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: AVNT)") else Response.Write("(Nasdaq: AVNT)") end if %> slowed $5/8 to $15 3/16 after a California federal court partially lifted a stay on a long-running civil lawsuit brought by Cadence Design Systems <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: CDN)") else Response.Write("(NYSE: CDN)") end if %> alleging that Avant! stole computer code from Cadence through employees who left the company to join competitor Avant!
Chemicals and plastics manufacturer Union Carbide <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: UK)") else Response.Write("(NYSE: UK)") end if %> steamed off $2 to $42 after it said Q4 EPS would meet analysts' $0.31 estimate but only because of a gain from the settlement of a lawsuit. CFO John Wulff said earnings were depressed by weak Asian chemical markets and delays in restarting the company's Taft, La., plant... Credit card issuer and specialty finance company Capital One Financial <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: COF)") else Response.Write("(NYSE: COF)") end if %> slumped $5 3/4 to $107 on last night's news that CFO James Zinn will leave on Jan. 31 for another company... Two recent Internet IPOs continued to slide today. Online auctioneer uBid Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: UBID)") else Response.Write("(Nasdaq: UBID)") end if %> fell $4 to $38 1/4 after giving back $5 3/4 yesterday while parent company Creative Computers <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: MALL)") else Response.Write("(Nasdaq: MALL)") end if %> shed $2 3/16 to $23 5/16. Ticketmaster Online-Citysearch <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: TMCS)") else Response.Write("(Nasdaq: TMCS)") end if %> extended its fall as well, dropping $2 to $38 after losing $3 1/16 yesterday. Majority owner and parent USA Networks <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: USAI)") else Response.Write("(Nasdaq: USAI)") end if %> tumbled $1 3/16 to $28 3/16.
Computer workstations maker Sun Microsystems <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: SUNW)") else Response.Write("(Nasdaq: SUNW)") end if %> lost $1 11/16 to $76 1/8 after changing its "billing" structure for use of the Java programming language. Instead of charging licensing fees, it will ask for royalties on software products made using the tool... Microsoft <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: MSFT)") else Response.Write("(Nasdaq: MSFT)") end if %> weakened $2 3/8 to $131 3/16 following reports that the software giant found "Year 2000" bugs in its Windows '98 operating system. The bugs won't cause loss of data or damage computers, according to the company... Consumer products giant Procter & Gamble <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: PG)") else Response.Write("(NYSE: PG)") end if %> washed away $3 5/8 to $86 3/4 after a Texas federal court dismissed the company's claims of unfair competition, negligence and negligent supervision, and three alleged violations of the Racketeer Influenced and Corrupt Organizations (RICO) Act filed against Amway Corp.
Insurance holding company AFLAC Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: AFL)") else Response.Write("(NYSE: AFL)") end if %> paid out $1 7/8 to $40 5/16 following after rising as high as $42 3/16 yesterday. The company said nothing changed in its fundamentals; Credit Suisse First Boston started coverage of the company with a "hold" rating this morning... Bank holding company State Financial Services Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: SFSW)") else Response.Write("(Nasdaq: SFSW)") end if %> retreated $2 to $16 3/8 after it said the exchange ratio for its planned acquisition of Home Bancorp of Elgin <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: HBEI)") else Response.Write("(Nasdaq: HBEI)") end if %> was boosted to 0.914 of a share from 0.86 because State Financial's market value didn't meet or beat $20 per share over the last month... Industrial components manufacturer Hawk Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: HWK)") else Response.Write("(NYSE: HWK)") end if %> dove $1 1/16 to $9 3/16 after McDonald & Co. cut it to "hold" from "aggressive buy."
In the troubled oil sector, the 13th biggest oil concern Amerada Hess <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: AHC)") else Response.Write("(NYSE: AHC)") end if %> lost $1 7/16 to $53 after it announced plans to reduce capital spending to $900 million next year from this year's $1.45 billion. It will also cut 400 jobs, representing 20% of its U.S. and U.K. exploration crew and 4.4% of its global workforce... Monday hero ThrustMaster Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: TMSR)") else Response.Write("(Nasdaq: TMSR)") end if %> lost $2 3/8 to $8 7/8 today after gaining $6 7/16 yesterday following its release of software that allows computer gamers to talk over the Internet while playing... Grocer Great Atlantic & Pacific Tea Co. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: GAP)") else Response.Write("(NYSE: GAP)") end if %> threw $1 5/8 overboard to end at $25 7/16 after announcing plans to close 127 underperforming stores.
FOOL
ON THE HILL
An Investment Opinion
by
Warren Gump
Profit From Funds!
The Motley Fool has spent a great deal of time discouraging you from investing in most mutual funds. We believe it makes sense for most investors who don't want to pick stocks to put their money in index mutual funds, which have much lower turnover and expenses than their actively managed brethren. This is no doubt very sound advice that I'm not going to contradict. There are few compelling reasons to pay 1% (and oftentimes significantly more) annually to managers who give you sub-par results. Nonetheless, billions upon billions of dollars have flowed into these funds. Why not take a free piggyback ride off those folks who are paying fees?
You can do this by using good-performing mutual funds for stock ideas. The overall disadvantage of mutual funds is not that portfolio managers are poor stock pickers (although that is certainly an issue for many funds). The larger problem arises from trading fees, operating expenses, and management expenses that are incurred year after year. This puts funds at a disadvantage to index funds, which minimize these fees. For example, let's compare the imaginary small-cap GumpFund (1.25% annual expense ratio) to an efficient Russell 2000 index fund (0.25% annual expense ratio).
Every year, the GumpFund has a one percentage point disadvantage to the Russell 2000. In a year when the Russell 2000 returns 10%, the GumpFund will need to post a gross return of 11% for fundholders to achieve the same 9.75% net return (10%-0.25% for the index fund, 11%-1.25% for GumpFund). Funds with higher fees simply have the odds stacked against them. The magnitude of this disadvantage is directly proportional to the size of fees charged to fundholders. Very few portfolio managers are able to overcome this handicap over long periods of time, hence their historical underperformance.
Knowing that the historical underperformance of funds is not always attributable to stock picking, let's consider how we can take advantage of the money the funds spend researching stocks. Fund managers (and their research analysts) spend lots of time determining the best stocks to pick. For the most part, these folks don't face the conflicts-of-interest held by brokerage firm research analysts (or as Tom Gardner would call them, sales analysts) who push stocks. People working at funds are almost always compensated based on the performance of their investment results (okay, the effectiveness of their marketing department is also important). Since funds periodically make lists of their holdings publicly available, there is no reason for you not to capitalize on this research. I believe a terrific source for new stock ideas is the top holdings and/or new buys of funds I respect.
Thousands of funds are now being sold. How should you decide which ones to look at? Many people will probably be tempted to find the hottest performer over the past year. That's fine, but remember that funds often outperform over the shorter periods of time because a specific segment of the market is in favor. That fund may go out of favor just as fast. Instead of looking at recent superstars, I prefer using mutual funds that have strong long-term returns and specialize in certain areas. This specialization may be in either a specific sector of the market (i.e., technology, real estate, pharmaceuticals, etc.) or an investment strategy (i.e., value or growth). Using these funds, individual investors can learn from managers who may have decades of experience and/or specialized knowledge.
Here's an example. I believe one of the best value investing investment firms is Memphis-based Southeastern Asset Management (SAM), which runs the Longleaf Partners Funds. These folks are very patient and have amassed an impressive track record, particularly considering the market's recent preference for growth stocks over value stocks. Earlier this year, I noticed that SAM had amassed a large position in FDX Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: FDX)") else Response.Write("(NYSE: FDX)") end if %>, the owner of FedEx and RPS, in two of the funds it manages. I normally would have overlooked that holding (I generally don't invest in transportation stocks) except for the fact that the Longleaf funds took such a big position and I knew that both SAM and FDX were based in Memphis. Did SAM know something I didn't?
I pondered the question for a while. I even talked to an analyst who follows transportation stocks who told me to stay away from FDX. Still, the Longleaf purchase had piqued my interest. About a month after seeing Longleaf's FDX purchase, I received a plane ticket ordered over the Internet via FedEx. It finally dawned on me that if the Internet explodes, FedEx could be a prime beneficiary (along with privately owned UPS and everybody-owned U.S. Postal Service). I decided to tip my toes in the water of FDX stock upon that realization. Lo and behold, last weekend Barrons comes out with an article touting FDX as the next big Internet stock and the stock jumps several dollars. I don't know the exact reasons SAM purchased FDX stock. Perhaps it was the prospects of an Internet boom, perhaps it is the amazing employee loyalty that helped the company avoid a pilots strike this Christmas. It may have been something else. Regardless of why the Longleaf funds purchased FDX, I wouldn't have looked at the stock if the fund hadn't put FDX on my radar screen.
There are numerous places to get information on fund holdings. One of the easiest is Morningstar, where you simply type in the fund symbol or name. (Once a "Quicktake" pops up, click on Portfolio to get the fund's top-10 holdings.) In addition to the top-10, Morningstar also indicates whether the position has been increased or decreased in the latest reporting period. You will unfortunately have to become a "premium" member to get a list of the fund's entire portfolio. Have no fear, though. If you want more details (or don't want to use Morningstar), you can check out the fund company's Web page or call it's toll-free number to get the most recent quarterly or semi-annual report.
Another option is to check out a fund's EDGAR filings. I've been able to find semiannual N-30D and/or quarterly N-30B-2 for most funds. These documents not only include the listing of an entire portfolio, but also a letter to fundholders and other information regarding a fund's strategy. The biggest drawback to using EDGAR is that you'll have to enter a fund name (i.e., Fidelity Magellan) in the search field rather than a fund symbol (which invariable leads to a message indicating no documents are available). If that search brings up no documents, try just entering the fund family's name (i.e., Fidelity). You may have to search through a bunch of items, but you can eventually find information on most funds.
Don't invest in a stock blindly because it is purchased by a fund manager you like. Even the best portfolio managers regularly make bad decisions. The thing that makes them better is that the returns from good decisions overwhelm the losses from bad ones. Our own Fool Portfolio (soon to be renamed the Rule Breaker Portfolio) has experienced phenomenal growth because the astounding returns from good ideas such as Amazon.com <% if gsSubBrand = "aolsnapshot" then Response.Write("(NASDAQ: AMZN)") else Response.Write("(NASDAQ: AMZN)") end if %> and America Online <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: AOL)") else Response.Write("(NYSE: AOL)") end if %> made the losses from clunkers like KLA-Tencor <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: KLAC)") else Response.Write("(Nasdaq: KLAC)") end if %>, 3Com <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: COMS)") else Response.Write("(Nasdaq: COMS)") end if %>, and Innovex <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: INVX)") else Response.Write("(Nasdaq: INVX)") end if %> virtually meaningless. Portfolio managers are making their investment decisions in the context of other stocks they own. You should do the same. Use the buy and sell decisions of mutual funds as a starting point for evaluation. Then do your own research to determine whether the stock is something you want to own.
A major drawback you will find using publicly available fund reports is that they may not be too timely. Portfolio updates are usually only released on a quarterly or semi-annual basis. A portfolio manager's perspective could change during the time lag between when the transaction occurs and when you find out about it. Of course, the stock price has probably moved as well (particularly in today's volatile market). This is another reason that you can't blindly follow the moves of professionals. As with any investment, you should learn about the prospective candidate and determine your own reasons for investing. Combining the stock ideas of some pros with your own investigative skills could prove to be a very profitable endeavor.
Please see the Motley Fool's Conference Calls page for call information and links to synopses.
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Contributing Writers Yi-Hsin Chang (TMF Puck), a Fool Brian Graney (TMF Panic), another Fool David Marino-Nachison (TMF Braden), a new Fool
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