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To: Bill Harmond who wrote (104091)	5/26/2000 5:52:00 AM
From: re3	Respond to of 164684

i'll email you privately regarding this.

To: Bill Harmond who wrote (104091)	5/26/2000 11:21:00 AM
From: Sarmad Y. Hermiz	Read Replies (4) \| Respond to of 164684

William, Since you took the time and trouble to write a long and thoughtful post, I hope you don't mind an answer. First, there is no place for personal attacks like name calling that have been made against you, Eugene, Olu, Mark, and maybe others. They are uncomfortable to the thread. Although I think they seem more a slip of the tongue rather than deep animosity or anything like that. I think in New York City, that's probably how friends talk to each other, and it usually does not culminate in a stabbing or worse. Anyway, a person who blows a couple million by insisting that various profitless companies deserve infinite P/E's probably utters the idiot word to himself occasionally. Especially on a day like today. But regarding your final paragraph about investing for the future. I think your position and thinking are a real puzzle. You refuse to acknowledge what everyone else knows. Which is that any idiot (there's that word again) can grow revenues by giving away merchandise below cost. The achievement is in selling at profit. Another point, which a careful reading of KIS posts reveals, is an attribute of "new economy investing" which I personally find ... , well lets say I don't like it. Which is that attending conferences, finding what the shills will tout next and buy that. I guess it has been profitable for whoever does it. I personally find that repugnant. But that's my problem. What I think is a problem for others is that it is presented as though these companies had some intrinsic value, instead of just being a vehicle to suck money from the unwary towards the VC's who have discovered this new legalized scam. It seems the new econ winners are the nimble traders who pile on at the start. The actual damage is done when the pyramid reaches it maximum height, is abandoned by its perpetrators, and it collapses. The wealth that the successful "new econ investors" have amassed is mostly from recongnition of this process and having a feel for the impending collapse. The ones who duped themselves into thinking they were investing for the future are now seeing their "investments" evaporate. And the ones who keep insisting are the ones who will be uttering the word idiot to themselves. Your method of picking winners could still prove extremely rewarding to you and to the people who practice it. Just please call it by its real name I know that on a day like today, writing this seems like adding insult to injury, but I feel worse for the people who are losing money they can't afford. At least you guys are just playing with the casino's chips. The winners had the guts to get on the rocket ship as it was taking off. I wonder if they will have the wisdom to get off before it crashes. -Sarmad