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Strategies & Market Trends : The New Economy and its Winners -- Ignore unavailable to you. Want to Upgrade?

To: Bill Harmond who wrote (10799)	3/10/2002 1:07:46 AM
From: Sonny Blue	Respond to of 57684

Mr. WB has spoken against "pro forma": "In golf, my score is frequently below par on a pro forma basis: I have firm plans to 'restructure' my putting stroke and therefore only count the swings I take before reaching the green." thestreet.com berkshirehathaway.com

To: Bill Harmond who wrote (10799)	3/10/2002 10:05:31 AM
From: Proud_Infidel	Read Replies (2) \| Respond to of 57684

For good reason. Could you explain what the reason is as I do not see it. I don't mean to be flip; EBAY may be a great company and have a stranglehold on its sector now, but I don't know if it deserves such a lofty multiple. It's business has virtually no barriers to entry, an important variable for multiple expansion IMHO, and the web is young(in its infancy). To assume EBAY will own the auction market forever is a big leap. In the interest of full disclosure, I have no position in EBAY, as I could never justify its price. Regards, Brian