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To: GST who wrote (87112)	12/11/1999 3:29:00 PM
From: Bill Harmond	Read Replies (4) \| Respond to of 164684

All I care about is the long-term performance of my portfolio. This year you've thrown out the rise in gold, the depreciation of the dollar vs the yen, the money supply, the price of tea in China, all these exogenous factors. They have been of no consequence. Do you know why? The fact is that bottom line, the Fed is slowing the economy, trying to engineer a soft landing. In my book they're doing a fine job of maintaining economic stability and low inflation so my investments can grow. All the rest is microanalysis. Eric says that I'm showing no concern for risk. I'm thinking about risk all day long. I have a lot of money at risk. I think the risk I'm taking is well worth it, and Eric thinks it's irrational. It's not his money. That's what makes markets. We can go back in the Yahoo thread and pick up the same arguments when Yahoo's market cap went thru $1 billion. There were vocal critics that called it a mania then. Now we're approaching $100 billion, Yahoo's in the S&P, has operating margins (yes, KIS operating margins, not interest income) near Microsoft's percentages, a growing global franchise, unrivaled leadership...and now the stock is statistically cheaper than it was going thru $1 billion.