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To: Bill Harmond who wrote (100328)	4/13/2000 12:45:00 AM
From: GST	Read Replies (1) \| Respond to of 164684

William: I agree with you on many, many things. But NOT on the degree of risk and not on valuations on companies whose real potential is unknowable today. The market does not put a premium on uncertain prospects -- it discounts uncertainty. For years, uncertainty has been rewarded with a premium. This defies all logic. "We don't know" has resulted in astronomical valuations instead of deeply discounted prices. From here on in, investors will say -- come back when you can tell me FOR CERTAIN just how much money you can bring to the bottom line. ARBA should have a market cap of $1 billion -- not $12 or $13 billion. Heaven help anybody whose entire net worth is wrapped up in companies like ARBA -- all merely one man's opinion -- mine. p.s. If you believe in the "new economy" buy GM -- this is the type of company that will be the real beneficiary.