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Technology Stocks : Mattson Technology

MTSN 3.600

0.0%

May 12 5:00 PM EST

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To: Ian@SI who wrote (1398)	6/20/1999 2:39:00 PM
From: LemurHouse	Read Replies (1) of 3661

Ian, re <<I believe that's the key advantage of an individual investor over an institution; and possibly the only one among a whole host of massive disadvantages. >> I agree that that is the biggest advantage we as individual investors have over the institutions -- freedom from the tyranny of the quarterly and annual comparison against "the competition." These guys live and die over marginal differences above or below the index averages. They are very clever fellows, but they are playing a different ballgame that we are. An absurd situation, really. Who cares if the fund under or over performs by a percentage point or two, compared with the multiples that are possible to individual investors who directly -- and prudently -- manage their own portfolios. As individuals we'll never have access to the huge wealth of information, infrastructure, intellectual capital etc that the large fund managers do. But I think our advantage is nonetheless a huge one in as much as we have the freedom to exploit opportunities that are for all practical purposes closed to institutions who's performance is measured every three months. There is great pressure for these guys to stay with the herd. Their aim is to just barely beat the market. There's not much incentive to undertake the risks involved with going for much more than that. But I would add another advantage: We as individuals are able to concentrate our invtesments into a small number of companies and have each of thoese investments still have a potentially great impact on our portfolios. Its hard (impossible?) to concentrate on just a few winners when you have billions under management. With regard to MTSN, I'm very curious to discover who was doing all the buying recently. Would sure be nice if a couple of institutions have taken positions, no? Nice to be where the herd is heading, rather than in the herd itself! Either way, I like many on this thread have been adding to my position and am looking for good things this year. Cheers.

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