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To: DownSouth who wrote (27015)	6/28/2000 4:28:00 PM
From: Mike Buckley	Read Replies (1) \| Respond to of 54805

Jerry, As far as how quarter to quarter reports affect us ggamers, we use the quarterly performance as a set of clues to explore for trends, threats, problems, etc. We also use these reports to see how well management is doing in managing the street's expectations. Management than cannot do that has other problems. On that last point about managing expectations, I don't follow that and that isn't part of the criteria in the manual. I also disagree that a management team that can't manage expectations necessarily has other problems. Sometimes that's their only problem, in which case long-term investors don't see it as an issue, much less a problem. --Mike Buckley

To: DownSouth who wrote (27015)	6/28/2000 5:18:00 PM
From: Seeker of Truth	Read Replies (1) \| Respond to of 54805

I used to work for a company that would delay pay raises whenever the anticipated quarterly numbers looked a little bad. The pay raises in the next quarter would then be retroactive. What nonsense! I still feel that the great manager should let the annual record speak for itself and not try to manage any expectations. It's hard enough managing a company, finding good people to hire, etc. Buffett is no fool. He never managed any investor expectations. In the days when tech stocks were few, he did the best of all, by a wide margin.