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Strategies & Market Trends : The New Economy and its Winners

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To: Eric Wells who wrote (398)	5/22/2000 12:26:00 PM
From: Bill Harmond	Read Replies (2) of 57684

>>Tom - what are you saying - that we shouldn't discuss risk? In my experience during the past four years, the "risk-discussers" have outnumbered the "opportunity-discussers" by at least 3:1 on these threads. There has been plenty of risk discussion. A critical observation is that most of the risk discussion has been about share price...very little about execution, which would require better understanding of the companies. However, at some point we all (at least the rational ones) have to decide to either assume the risk or move on. My view about these investments is pretty simple. The Internet and biotechnology are at the sweet point. First-mover advantage is very important. Buy only companies with great managers which who are likely to dominate the sectors with large business opportunities. In the case of leading Internet companies I pay the premium because I expect the the principle of network effects will justify it...in spades.

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