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To: Mike Buckley who wrote (35489)	7/17/1999 8:31:00 PM
From: JMD	Read Replies (2) \| Respond to of 152472

Mike, don't want to be academic but the NPV concept is designed to do exactly what you suggest is The Gorilla Game's thesis, i.e., dealing with a 'risk adjusted' rate of return. It does this by the simple expedient of attaching a higher discount factor to less certain returns, and conversely a lower number to highly certain ones. It's then a trivial math exercise: divide any number by a big number and you get a little teeny fella (my NPV for investing in G* before its constellation was happily orbiting away) goes down. The same number divided by a smaller number (once the flock was safely airborne) yields a bigger number: all the happy campers who got in after the risk factor was lowered. As in all things academic, this is easier said than done naturally. O.K., school's out. Regards, Mike Doyle