Best Buy Is A Better Buy NowBy
In the summer of 1996, the short-sellers were all over the shares of Best Buy (BBY), a major retailer of personal computers and other consumer electronic products. They had sniffed out that earnings would be under tremendous pressure because of weakened demand for such appliances. New York money manager Bill Harnisch was among those who made a bundle by shorting the shares--as they tumbled from 26 in mid- June last year to 8 1/2 by mid-February this year. But guess who has turned bullish lately? Harnisch himself, who, as the president of Fortsmann-Leff Associates, manages a portfolio of $4.5 billion.
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