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Who can you trust? Who got it right?
Right now, I am looking at a bunch of
strong buy recommendations from a slew of analysts, many of which are from the middle of 2000, when the stock was still in the $40s and $50s, although some are from when the stock was in the $80s.
Wednesday, Scient filed for bankruptcy. That's right, bankruptcy. This Web site solutions company is now bankrupt, its stock worthless.
Indulge me for a moment. Did anyone see this coming? Did anyone see this company, once a $3.5 billion company, blowing up?
That's right. Right here on
. We saw it. Herb Greenberg and I
tag-teamed this piece of garbage virtually all the way down. I called it a short and said you should sell from the time the stock was in the $90s. Herb Greenberg said that all of the analysts were dead wrong and this company was simply a consultant to the Web business, billing people per hour, and that the whole thing was just a house of cards.
We got you out.
Now, I know that you are not going to read an article solely about how
got you out of Scient, or
or so much of the other junk that existed out there. How can any other publication write that story? It would make them all look bad. How can any analyst write that story? It would totally discredit an already discredited profession.
Someone has to point out that the only professionals you really needed during this horrid period were on this site. Scient is one of dozens of examples where we went against the analyst grain. Someone has to say it.
There, I did.
James J. Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made.
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