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Strategies & Market Trends : Gorilla and King Portfolio Candidates
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To: Thomas Mercer-Hursh who wrote (28954)7/26/2000 7:41:20 PM
From: Mike Buckley  Read Replies (1) of 54805
 
Thomas,

Great points! Can I address your summary point? (You don't get to say, "No." :)

Consequently, I think we need to be open to adding shadings to our classifications, rather than arguing too vehemently about whether a particular company falls on this side or the other of the fence.

I agree but only to a point.

Where I think we agree is that I believe the label is less important than whether or not a company enjoys the power of a proprietary, open architecture with high switching costs in a huge mass market. Starting with that ideal, anything less than that implies possibly less of an opportunity, possibly less power to execute within the competitive space or possibly both. Once we've got an opinion about all that, we can make some investment decisions with a greater degree of comfort than when we don't have an opinion about all of it.

Where I disagree with you is the part I infer that it doesn't matter which side of the fence a company sits on. If you're referring to the royalty side or the gorilla side, the implications of lasting power are so immense that I think there's a huge difference between the two sides of that fence.

Possibly most important, if we decide that it's not important to maintain the separate distinctions between royalty and gorilla games, we lose the ability to make investment decisions using the absolutely most important criteria established in the book. That being the case, why use the manual?

--Mike Buckley
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