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To: LemurHouse who wrote (1399)	6/20/1999 3:36:00 PM
From: Ian@SI	Respond to of 3661

Hi Andy, Re:I would add another advantage: We as individuals are able to concentrate our investments into a small number of companies and have each of these investments still have a potentially great impact on our portfolios. Its hard (impossible?) to concentrate on just a few winners when you have billions under management. In part I agree. Where I disagree is that it's almost impossible for most of us to get intelligent diversification and outperformance in each sector. Thus we end up taking more sector risk than most mutual funds ever would with the possible exception of sector funds. And there are funds such as the Janus 20 and several others that put most of their assets into a relatively small number of their very best ideas. With the resources of an institution, it may be possible to adequately monitor each company and sector in which one is invested. I find it very time consuming to do a half assed job whenever I stray too far from my prime area. Unless there were a large number of discrete buyers, we should get the answer from Edgar before the end of next week re who was doing the buying. I'm at a bit of a loss to even guess as I didn't think that funds would buy unless there were multiple analysts covering the company. Perhaps we're going to get additional coverage. Come to think of it, I've never ever seen a broker file a 13D / G ever. Are they exempt if they pick up shares for a trading account???? Mysteries.... Ian.