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Strategies & Market Trends : Gorilla and King Portfolio Candidates

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To: MulhollandDrive who wrote (22743)	4/14/2000 4:50:00 PM
From: Mike Buckley	Read Replies (2) of 54805

It benefits the investor who is on the right side of the trend! Whew! I sure am glad to know that because I'm definitely on the right side of the trend. I'm a long-term investor and the trend long-term has always been up. There's absolutely not a hint of reason to think the scenario is any different today. When I see a company like Siebel Systems, the fastest growing applications software company in the history of that industry with a rock-solid balance sheet growing operating cash flow out the wazoo, fall 25% in one day (today) on virtually no company-specific news I'm not at all concerned. That's because I bought into the company, not a stock. The company hasn't changed despite how many changes the stock goes through. And because I'm in this strictly for the long haul, I've got plenty of time for the stock to eventually turn around. I'm surprised to see so much discussion in the folder about all things not long-term. We can agree or disagree on the finer points of Gorilla Gaming, but the one item we can't disagree upon is the most important part of the definition of the game -- that it is a long-term strategy. We saw the Nazdaq go up about 130% in slightly more than a year and we're horrified that it has fallen 30%. Remember that a lot of the fall is caused by people experiencing margin calls right and left, often to the tune of $100,000 or more. As a result, there is a LOT of pressure on the sell side of the equation that has absolutely nothing to do with the economy or the companies we invest in. Those margin calls essentially have to do with the credit rating of the investors whose credit is deemed over extended. Not to be too sarcastic, but the last I heard those over-extended investors have nothing to do with Tom Siebel's ability to sell applications software. As Frank says, don't get emotional. Don't do anything stupid. Stay with the same strategy that got you here; if you have been investing in G&K stuff for just 15 months the likelihood is tremendous that your net worth is far greater now than it was a short 15 months ago. If that's the case, enjoy it! Celebrate it! Think long-term! --Mike Buckley

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