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To: Bruce Brown who wrote (48981)	11/16/2001 8:21:05 AM
From: Wyätt Gwyön	Respond to of 54805

So our job is to continue studying which vessels will continue to float and judge whether or not the price of the ticket justifies the journey. well said. believe it or not, that's what i try to do too, and i have a ticket with a price on it as well.

To: Bruce Brown who wrote (48981)	11/16/2001 8:36:58 AM
From: Wyätt Gwyön	Respond to of 54805

one of the better columns i've seen from Rob Walker... slate.msn.com I tend to think that the market is extremely good at interpreting current information more quickly and clearly than, say, the cast of The McLaughlin Group. On the other hand, I think it's foolhardy to think that Mr. Market actually sees the future, which is what some true believers essentially argue. Mr. Market is subject to wishful thinking, has an extremely short attention span, and can certainly be taken by surprise. Although the market was more or less flat today, its momentum this week has been so strong that it's hard to believe its actions make sense. As I've noted before, I thought some of the more extreme predictions of economic calamity immediately after Sept. 11 were overdone. But are prospects for corporate profits really 20 percent better now than they were seven weeks ago? Maybe Mr. Market really does know things that we don't. Or maybe he only thinks he does.

To: Bruce Brown who wrote (48981)	11/16/2001 9:03:53 AM
From: techreports	Read Replies (2) \| Respond to of 54805

I cannot disagree with you on that point. We could talk about the speculation days of biotechnology in the 80's when pretty much the ships of Amgen and Biogen floated on into the sunset while all the rowboats with leaks sunk to the bottom of the ocean. The Internet speculation most likely will have AOL and eBay as vessels still floating into the future as the pets.com and whatever.com either sink or pretty much are confined to floating in the wading pool. Likewise, the overcapacity issues of companies that address infrastructure in hardware, software and semiconductors will not have all vessels floating into the future and many are priced more than the journey may be worth. Bruce, since you've been investing for a long time, what are your thoughts on the new biotech companies that use the gnome or proteins (HGSI..mlnm)? They are not cheap at over 5B dollars with PSR quite high..then again i guess AMGN and EBAY had high PS ratios when they came public and have done quite well.. i do believe valuation matters and i don't like the idea of buying expensive stocks, but then again...many thought Aol was expensive in early 1998 or Microsoft was expensive, ect..