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Strategies & Market Trends : Gorilla and King Portfolio Candidates

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To: John Stichnoth who wrote (25767)	6/3/2000 4:11:00 PM
From: Mike Buckley	Read Replies (2) of 54805

John, If I may ... :) I am amazed that Mike Buckley has been able to stay with such a small selection of stocks, without changing his position, for so long. Actuyally, I think it's easier sticking to a small selection of stocks than a large selection. In a large selection, we're bound to have some whose fundamentals justify an investing exit. With too many stocks, we're bound to understand some less than others. Those we understand less will likely be exited on the first or second whimper of a potential problem. On the other hand, working with a portfolio of 6 to 10 stocks gives us an easier opportunity to understand the underlying fundamentals so profoundly that the short-term red flags don't become so upsetti. We're less likely to confuse a fundamentally sound business model having a couple cracks with an unsound model. Just my way of looking at portfolio management. And I should add that even with that concentration, I don't understand all six really well. I'll never pretend to fuilly understand an organization as complex and rapidly changing as Cisco. Under the guise of being only a carpetologist (now emeritus) I long ago gave up trying. --Mike Buckley

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