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To: DWB who wrote (21952)	4/19/2000 6:53:00 PM
From: sea_biscuit	Read Replies (1) \| Respond to of 25814

DWB, I understand your point. I don't have the break-up of how many of the 22 went out of business. However, regarding your example of buying a company stock at $5 and someone acquiring it for $200, you are assuming that you bought it at such low prices. But remember, those were the "hot" stocks of the day. Chances are pretty high that they plummeted and only then did they become attractive enough for acquisition. So an example like a $100 stock going to $20 and then being acquired for, say $28, is far more likely than the scenario you presented. And what's more to the point is that even if you ignore the 22, and only look at the other 12, only one of them outperformed the market. The other 11 failed to even keep pace with the index. One might argue that a really smart guy would have put all his money in the eventual winner, but that's possible only in hindsight.