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To: Eric Wells who wrote (398)	5/22/2000 12:26:00 PM
From: Bill Harmond	Read Replies (2) \| Respond to of 57684

>>Tom - what are you saying - that we shouldn't discuss risk? In my experience during the past four years, the "risk-discussers" have outnumbered the "opportunity-discussers" by at least 3:1 on these threads. There has been plenty of risk discussion. A critical observation is that most of the risk discussion has been about share price...very little about execution, which would require better understanding of the companies. However, at some point we all (at least the rational ones) have to decide to either assume the risk or move on. My view about these investments is pretty simple. The Internet and biotechnology are at the sweet point. First-mover advantage is very important. Buy only companies with great managers which who are likely to dominate the sectors with large business opportunities. In the case of leading Internet companies I pay the premium because I expect the the principle of network effects will justify it...in spades.

To: Eric Wells who wrote (398)	5/22/2000 12:52:00 PM
From: Tom Kearney	Respond to of 57684

Eric - Being a contrarian all depends on your point of view. I consider being a tech investor pretty contrarian! re: we - it is clear that there are certain 'camps' of commenters. Tech investors or internet investors are often categorized as a homogenized group in the literature. And many of these types of comments vary with what's going on in market on a particular day. Your comments seemed to me to fall into that vein. In truth, I have come to conclude that whether one is risk tolerant or risk adverse, is a long term bear or bull, etc. depends a lot on your personality. I am highly risk tolerant. I have long believed that on average, tech stocks will be undervalued because they grow so fast, the average investor doesn't anticipate what the compounding effect will achieve for the price. I am only interested in companies that can grow fast. I will ride out the downs. I also have to say that, most of the literature I'm seen on risk analysis and risk quantifying seems pretty arbitrary to me. Give me a sample of a convincing risk valuation model or methodology? Ultimatley, my risk is I will lose all my money if technology fails to delivery its promise. I am convinced that the tech buildout has just begun. Profits are coming and will increase. It's only a matter of time. Regards, Tom