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Technology Stocks : Intel Corporation (INTC)
INTC 39.93-1.6%1:05 PM EST

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To: Mary Cluney who wrote (86595)8/4/1999 12:41:00 PM
From: GVTucker  Read Replies (1) of 186894
 
Mary, RE: I don't like those high inside pitches as I never wear a helmet (it messes up my hair). I like them waist high (that's about knee high for anyone else)in the middle of the plate and not too fast.

This reminds me of one of my favorite Warren Buffett anecdotes. This version of the story is in the 1997 annual report, published in April of last year:

" Under these circumstances, we try to exert a Ted Williams kind of discipline. In his book The Science of Hitting, Ted explains that he carved the strike zone into 77 cells, each the size of a baseball. Swinging only at balls in his "best" cell, he knew, would allow him to bat .400; reaching for balls in his "worst" spot, the low outside corner of the strike zone, would reduce him to .230. In other words, waiting for the fat pitch would mean a trip to the Hall of Fame; swinging indiscriminately would mean a ticket to the minors.

If they are in the strike zone at all, the business "pitches" we now see are just catching the lower outside corner. If we swing, we will be locked into low returns. But if we let all of today's balls go by, there can be no assurance that the next ones we see will be more to our liking. Perhaps the attractive prices of the past were the aberrations, not the full prices of today. Unlike Ted, we can't be called out if we resist three pitches that are barely in the strike zone; nevertheless, just standing there, day after day, with my bat on my shoulder is not my idea of fun."
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