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To: Robert Mayo who wrote (1310)	1/1/2000 1:58:00 PM
From: MAELING	Read Replies (2) \| Respond to of 1354

Dear Bob Mayo and Wolfdog - IMHO the negative Michael Murphy barbs are well deserved. Mike is a likeable guy with a past that isn't so likeable. His saving grace is his collections of tech names that he writes about. His total returns over the last 10 years underperform an index fund. He's fairly dishonest about that. This years result shows that even a stopped clock is right twice a day. Why would folks who disrespect him as an investor ask about his picks? Because he's not stupid about choosing companies. He's just stupid about when he recommends them. His drill about growth flow is interesting, but flawed. He's trying to create a free cash flow model for tech stocks that misunderstands the process. In many, if not most, cases R+D should be considered capital investment that is a regular cost of production. He backs it out as if it were goodwill amortization. Those of us who have bought his newsletters and lost thousands of dollars in his funds know that he's a better promoter than an investor. The bad thing about his having a good year is that he can now shill a whole new crop of suckers into his orbit. My suggestion to guys like you who can't stand criticism of MM, get out of the kitchen. If you don't want to share what's in his newsletter, expect ridicule. The idea of these boards is to share investment ideas whatever the source, whatever the bias. We all know "investors" who had a good year pulling slot machine levers on riverboats and Indian Bingo Parlors. Just because I never pulled one of those levers doesn't mean that I can't have a little fun with the "investors". If you can't logically defend a MM pick, are you an investor or a kneejerk acolyte? Maeling