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Strategies & Market Trends : Gorilla and King Portfolio Candidates

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To: Mike Buckley who wrote (48622)	11/7/2001 9:09:13 AM
From: Judith Williams	Read Replies (1) of 54805

Mike-- I don't think Tom is squeaky clean either. Whether it's from self-interest or the optimism inherent in hard-charging entrepreneurs, I expect some level of "spin" that puts even bad events in a good light. To me that issue is qualitatively different from withholding material information. Given events of 9/11, no one in his or her right mind would have lifted an eyebrow over a warning from Q. The good news.... I remember flagging your concern about Q's booking investment income but excluding investment expenses. The practice, as you point out, is questionable and has come back to haunt. But given the manner of its most recent appearance, one must question not only the quality of earnings, but the judgment of the management team and their attitudes both to the Street and to their investors. I don't consider it "good news" that an issue you raised has been going on for some time and hence doesn't represent a change in direction or misdirection on management's part. A bad practice doesn't get any less worse because it's become ingrained or when it's so glaringly exposed. Some of us are not so quick on the uptake as you are. my wife isn't always thrilled.... Drops in net worth go with the territory. Of course, we all have to assess how we weigh management in our investment calculus. I can only say that I am deeply disappointed in Q's inability to stand up. For me, how leaders manage in bad times is far more important than just being able to click along when things are rolling. Perhaps my disappointment is even greater since I was one of those mesmerized by IJ's brilliance. Confidence in him and CDMA technology gave me patience for the long haul. That confidence has taken a blow. And I'd venture to say that your wife wouldn't stomach outright deception either. Judith

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