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Technology Stocks : PairGain Technologies
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To: Bald Man from Mars who wrote (24224)6/5/1998 5:45:00 PM
From: porcupine --''''>  Read Replies (2) of 36349
 
It never hurts to remind ourselves:

berkshirehathaway.com

"1997 Chairman's Letter

"To the Shareholders of Berkshire Hathaway Inc.:

".....How We Think About Market Fluctuations

"A short quiz: If you plan to eat hamburgers throughout
your life and are not a cattle producer, should you wish for
higher or lower prices for beef? Likewise, if you are going to
buy a car from time to time but are not an auto manufacturer,
should you prefer higher or lower car prices? These questions,
of course, answer themselves.

"But now for the final exam: If you expect to be a net
saver during the next five years, should you hope for a
higher or lower stock market during that period? Many investors
get this one wrong. Even though they are going to be net buyers
of stocks for many years to come, they are elated when stock
prices rise and depressed when they fall. In effect, they
rejoice because prices have risen for the "hamburgers" they will
soon be buying. This reaction makes no sense. Only those who
will be sellers of equities in the near future should be happy
at seeing stocks rise. Prospective purchasers should much prefer
sinking prices."

Roger Lowenstein's full length biography, "Buffett", goes on at
some length about how elated Buffett becomes when share prices
are falling -- and how depressed he becomes when they are
rising.

Reynolds Russell
web.idirect.com
"There are no sure and easy paths to riches in Wall Street
or anywhere else." (Benjamin Graham)
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