American - Journalist | -
For the Amex, which has been casting around for a role for itself, microcaps fill a crucial void - a 'niche' that Amex officials feel has been neglected.
Gary Weiss
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Even a casual reader of the financial pages knows that microcaps are a perennial headache for regulators and, above all, for investors because they have been prone to abuse by stock manipulators.
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The Amex has a long, often troubled, sometimes glorious history.
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If you think Wall Street has a short memory, you're dead wrong. No, the folks who work on Wall Street, regulate Wall Street - and, above all, invest in its wares, notably its hedge funds - don't have a bad memory. They don't have any memory at all.
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Shorts wager on price declines by selling shares that they have borrowed in the hope of buying them back at far lower prices.
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Excessive hype, bankruptcy, cash burning like autumn leaves - such is the stuff of short-selling.
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With 'posts' running in the millions, Internet message boards have become an essential part of the savvy investor's arsenal.
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At their worst, message boards can subject you to mindless braying or outright stock scams. But at their best, they provide meaty insights on just about every stock imaginable.
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Despite all the drawbacks, the Internet provides a wide array of information - and some of it is being watched pretty carefully by the pros.
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The media and marketing deluge has spawned a new type of Wall Street loser: the armchair momentum player. These are novice investors who engage in short-term stock buying and selling based on media reports or an expert's enthusiasm.
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Broadcasts from the floor of the New York Stock Exchange have propelled once-obscure financial journalists such as Maria Bartiromo to celebrity status and made CNBC to investors what ESPN is to sports fans.
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All too often, the pitchmen are selling the notion that if you gain 'control' over your financial destiny - pick your own stocks and execute your own trades - it will be the first step on a short road to riches.
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