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To: jeffbas who wrote (9813)	1/30/2000 4:59:00 PM
From: James Clarke	Respond to of 78481

Thats an excellent argument and one I have made myself on occasion regarding Philip Morris. At some point the stock prices in that risk, but as you point out there is no way of determining the probabilities necessary to do that calculation. Thats why I said MO is appropriate as part of a diversified portfolio, but I wouldn't put a large bet on it. (But that might be another way of me saying I really don't have as much conviction as I should to be placing any bet at all.)