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To: John Finley who wrote (212)	2/13/2000 2:59:00 PM
From: Roger Schelling	Respond to of 352

Thanks John: I'll be digging to "one up" you on that bid :) Good stuff. I like this statement by the NEVIS fund. A quick word about risk. Wilmerding: We don't view risk the way most people do. Volatility in our opinion is not risk. """We view risk as a lack of information.""" Over a short period of time, if a stock is very volatile, people say it's very risky. !!!!!>>>>>>>>Well, if you need money in a short period of time then you shouldn't be investing in something that is volatile like that.<<<<<<<<<<<!!!!!!! LOL! But we actually like volatility and as long as it has an upward bias, you're obviously going to make more money in the long run. So for us, risk is what we don't know and when we're doing research on our companies we're mindful of that and work very hard to find out as much about a given situation as we possibly can. We're not big fans of economic theory that allows you to measure risk looking through a rearview mirror.