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To: Bill Harmond who wrote (102671)	5/4/2000 11:41:00 AM
From: Randy Ellingson	Read Replies (1) \| Respond to of 164684

Well I can assure you that when Munger chooses to put sequences of words together in sentences, he is both knowledgeable and articulate. Someone asked him about buying stocks in companies trading well below their intrinsic value. One of the take-home points for me was in his reply that while you can do that and make money at it, if the undervalued company isn't great, then you'll have to turn right around and find another undervalued one to replace it. And so it's a hell of a lot easier to buy a great company and "just sit on your ass for twenty years". Sounds like a plan. Randy