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Strategies & Market Trends : Gorilla and King Portfolio Candidates

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To: Stock Farmer who wrote (46085)	9/3/2001 12:45:18 AM
From: Mike Buckley	Read Replies (2) of 54805

John, I also think that a lot of folks read the Gorilla Game. And in the back of everyone's mind was the axiom that everyone else was under-valuing these stocks. With the net effect that they were bid up and up and up. Maybe I'm naive, but I wouldn't credit or discredit Moore & Gang so much as to believe their book so vastly influenced perceptions of investors. If it had been only the 100 or so stocks that meet the authors' Gorilla and wannabe Gorilla criteria that went through the roof in 1999, there might be some anecdotal evidence supporting your and others' theory about that. Instead, there was also a broad-based advance of the public tech stocks that don't meet those criteria. If the book had enjoyed such a huge influence on the outcome of the stock market, the companies that don't meet the criteria would have been left in a cloud of dust. I also give more credit to the readers of their book than to believe that everyone thought everyone else was undervaluing the stocks. And I don't believe that everyone agreed with the authors that Gorillas are always undervalued. Two points. The first is that one of Moore's original assertions in The Gorilla Game is that these beasts are undervalued according to any practical valuation method by their very nature at the very point in which you should be pulling the trigger. ... The second and contrary point is that just like a Gorilla is more valuable than a chimp, a ten dollar bill is unarguably more valuable than a one dollar bill. ... I don't believe it is possible to simultaneously satisfy the principles of these two points. I don't believe it's necessary to try. That's because I've never accepted the first point. Even Moore seems to have come around to not accepting it. --Mike Buckley

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