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To: Ilaine who wrote (52283)	12/29/2000 12:41:58 PM
From: LLCF	Read Replies (1) \| Respond to of 436258

They always start somewhere... small cap non techs were getting decimated while the i-nuts soared last year and into spring. Hedgefunds went out of business buying 'value' and shorting stupid valuations... the stupid part is reversing finally. We have been in a bear market for quite some time IMO. DAK

To: Ilaine who wrote (52283)	12/29/2000 12:46:43 PM
From: yard_man	Respond to of 436258

He's not into equities that much any more CB ... unless he's flipped in the last 6 months or so ... BRKA could stay flat or go down just a little in a full-blown bear market (It's mostly insurance cos now -- don't look for a huge selloff)

To: Ilaine who wrote (52283)	12/29/2000 12:49:16 PM
From: Wyätt Gwyön	Read Replies (1) \| Respond to of 436258

In the latest OID, Munger is asked if he thinks KO is fairly priced...he goes on about how it's possible to give something a very high present value if you're highly confident that returns will eventually exceed the risk-free rate of return, even if it takes a long time and the margin is not large. Where have I heard that b4? Yes, I suppose if one forecasts out to the 24th century, perhaps the present value of KO will exceed returns on Treasurys, if one makes some generous assumptions. Of course, the other issue is if any investor currently alive would be around to enjoy it.