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To: Randy Ellingson who wrote (87695)	12/16/1999 12:28:00 PM
From: Eric Wells	Read Replies (1) \| Respond to of 164684

I don't consider a lack of sufficient upgrade "takers" a risk to Microsoft, simply because that concern has proven unfounded for so many years. Randy - I am amazed by what appears to be your never-ending optimism. But, you know, Microsoft executives even consider the point above to be a real risk (do you think Gates sits around and says "No need to worry - we'll continue to grow"? Hardly). I would argue the market doesn't have a good understanding of the Office risk - in fact, I would argue that most investors that buy MSFT don't know how much Office contributes to the company's revenue and profit. IMO, software represents an area of technology where design and quality have a long way to go, I would argue that as companies grow bigger, their rate of technological innovation begins to slow. Why? The managers and executives have made millions on stock options, and there's less incentive to work past 6:00 in the evening. Innovation is the result of inspiration and incredibly hard work - and it was incredibly hard work that allowed Microsoft, when it was a smaller company, to grow so fast. Your posts suggest that you see no risk in investing in Microsoft (even for the long term) - is that really the case? Thanks, -Eric