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[sharechat] WAM - Insider Trading?

From: "David Ling" <>
Date: Tue, 27 Feb 2001 09:46:21 -0000

Brian Jones seems to have a valid point ... unfortunately his one-eyed view 
of the NZ market (which incidentally has delivered some outstanding 
performance in some stocks like FAP, NZR, Horizon, AIA, CAV etc in the last 
year compared to the great markets- obviously to be taken seriously - like 
Nasdaq, Hang Seng and even the FTSE where investors were sucked into the 
great PR hyped up bubble of the so-called IT/New Economy revolution) render 
his assessment hollow.

Share prices in public listed companies fall and rise sharply all the time 
in response to information, speculation and as the poor big suckers in the 
US, Hong Kong, Australia and UK have found out at extreme costs, hype.  The 
role of good analysts, brokers and investors is to get access to infor first 
- and make good use of it.  Nothing wrong with it, I would have thought. But 
then of course, I am but a humble investor in the not-to-be-taken-seriously 
NZ market.

It is a fact in WAM that one stockbroking house became aware of the infor 
and made it available to its best clients first thing on Monday morning. 
This is good stockbroking and pro-active investing/divesting.

Is it insider trading? Only if the infor comes from WAM. Did the infor come 
from WAM? The infor could have come from any number of sources.
In fact, some of the sources speculated that WAM was going to win the 
contracts - hence the run up in the share price in anticipation last week.

Brian makes a gigantic leap in his myopic assessment and conclude it is!

Wow! What about those who bought in last week?  They must have been using 
inside infor - the share price went up sharply.  They MUST know something! 

Please tell us that information flow like this don't happen in the great 
to-be-taken-seriously markets of the US, UK, Australia etc... I can 
certainly point to more than one instances of such price movements.

Keep investing in the to-be-taken-seriously-markets ... there sure are some 
big bulls over there for yee Western fans.  Just you sure you know how to 
dodge the bs along the way!

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