*Exactly 12 months later, the June share price had fallen to just $1.093.'A ticker symbol is an abbreviation of a company's name, typically one to four letters long. It is used as a shorthand to identify a company's stock for trading purposes.* This was not an isolated incident. On at least three other occasions in the late 1990s, day traders mistook the ticker symbols of some companies for those of a newly founded Internet company.
In 2000 and 2001, Amazon.com and Qualcomm lost 85.8 percent and 71.3 percent of their combined value, respectively.
Schwert discusses these findings in an excellent paper, "Anomalies and Market Efficiency." Available at http://schwert.ssb.rochester.edu/papers.htm.See Plexus Group Commentary 54, 'The Official Icebergs of Transaction Costs," January 1998, at www.plexusgroup.com/fsresearch.html." James O'Shansey, What Works on Wall Street (McGraw-Hill, 1996), pp. xvi, 273-295
"It is a strange irony that just after Oshanesi announced that he was handing over management to another company, the two surviving Oshanesi funds (now known as the Hennessy Funds) began to outperform." Fund shareholders were appalled. In a chat room on the website www.morningstar.com, one shareholder fumed, "Long term for Oshanesi I guess means three years. ... I feel your pain. I too believe in Oshanesi's methodology. ... I have recommended this fund to many of my friends and relatives, but now I am glad they didn't take my advice."
14 See Jason Zweig, 'False Profits', Money, August 1999, pp. 55-57. An in-depth discussion of 'The Foolish Four' can be found at www.investorhome.com/fool.htm.
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