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Strategies & Market Trends : Gorilla and King Portfolio Candidates

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To: Wyätt Gwyön who wrote (34895)	11/15/2000 11:55:58 PM
From: Mike Buckley	Read Replies (1) of 54805

Mucho Maas, Sorry to learn you're a bit under the weather. I mention it here because people have posted a couple things about the accelerating revenue growth rate trend. My point would be that if you just look at those numbers without looking at anything else, you are not getting a very clear picture of the story. There's no question that you're right. Well, at least there's no question in my mind. :) On the other hand, it's impossible to look at any single aspect of a company to arrive at a clear picture of anything. I would venture to say that if a clear picture of Cisco was needed for a viable investment, Cisco wouldn't have been able to go public by virtue of the fact that most investors don't understand their product. Even fewer understand their product mix now than when they went public. So what do investors do who join me in finding no shame acknowledging that I'm investing in a company that I don't totally understand? Some of us go to the stuff that we do understand -- Gorilla Gaming which puts a special emphasis on product adoption, revenue. Gaming also puts a special emphasis on a lot of the metrics of a company that are not quantifiable. Understanding that last point means appreciating that anyone could publish a laundry list of metrics by which we might evaluate a company. Yet no list would be complete. And 99% of the investors would only understand part of any list. So in the end, we try not to become adversarial. We try not to lay claim to understanding the pros and cons of a company more than the next person because in the end, it doesn't matter what the next person understands; there's no need for any of us to "convince" any of us. The only thing that really matters is that each of us takes full responsibility for our investment success or lack of it. Glad to have you joining us pointing out the things I don't understand about Cisco. But frankly, the company is so complex and beyond my comprehension that I'm especially satisfied that for the last three years it's never become more than 5% of my portfolio. My knowledge is limited. The same is true for my risk. Make sense? --Mike Buckley

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