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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Knighty Tin who wrote (77618)	3/11/2000 1:48:00 PM
From: Lucretius	Read Replies (2) \| Respond to of 132070

all my children.... ROFLMAO!!!

To: Knighty Tin who wrote (77618)	3/11/2000 2:27:00 PM
From: Joan Osland Graffius	Read Replies (1) \| Respond to of 132070

MB, Re: Warren Buffet..Buy and Hold I think he sold McDonalds. He must have been really unhappy with management. <g> Joan

To: Knighty Tin who wrote (77618)	3/11/2000 2:38:00 PM
From: Freedom Fighter	Read Replies (2) \| Respond to of 132070

Mike, If you don't mind I think I can explain his position rather easily. I think the buy and hold idea evolved as his size grew. It's really difficult to move 500 million per position in and out as the values and short term fundamentals change. That size also limits the possible investments. You are also bucking taxes and transaction costs. The tax deferred build up is worth 1% or so over the long haul. I'm sure if he was managing 10 million he would be much more active and suggest others do the same. So the key for him is in identifying the rare birds that will sustain some business or economic edge over the decades. If the entry point is cheap and the edge is sustained it will deliver above average returns - though not as good as an active manager with equal skill and greater choices. No Technology is easy to explain. If you believe in buy and hold, then technology is rarely the place to be. Its nature is to change rapidly. So in order to invest there, you have to move around a lot and keep up with the changes. It also requires that you get to a level of understanding that is not too easy for many to master. I'm in the field and I don't invest there. For you it's a great idea, but perhaps you'd be better off avoiding simulcast horse betting in Australia. (g) He has taken futures positions in oil and elsewhere on occasion. I think his view is based not so much on whether any individual can make money in options and futures, but rather that it is essentially a zero sum game except for the brokers who "net" extract huge sums from the players through commissions and spreads. Wayne

To: Knighty Tin who wrote (77618)	3/11/2000 4:39:00 PM
From: Freedom Fighter	Read Replies (1) \| Respond to of 132070

Mike, Unless she was "horsing" or got hurt, I think the verdict is in on Chilukki. If I owned her I would point her for the Breeders Cup sprint. The long term record suggests that fillies can compete with colts quite well at short distances. She has shown such brilliant speed, she might be able to contend despite being only a 3yo. She is also "by" a Breeders Cup sprint winner. If she had a problem I guess you have to give her one more chance, but things are not looking good at this point. Wayne