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To: TimbaBear who wrote (2607)	12/3/1997 9:37:00 AM
From: Paul Senior	Read Replies (2) \| Respond to of 78609

TimbaBear and Wink: One thing that stuck with me about "The Intelligent Investor" is the discussion about stock market effort and the results thereof. Graham points out something about in any endeavor of work, the more effort, the greater the expected return. But this is not necessarily true regarding stock market investing he says. So my comments to you gentlemen or ladies: 1. It's not high school. Doing homework won't necessarily get the grade or protect you from failing the course here. Although one supposes that doing lots of research/homework is the way to play the game -- as I've posted before - I've seen no evidence to show that one's in depth research correlates to one's stock market gains. 2. Security Analysis -the Book- is just about useless. It's called the Bible of Security Analysis - and like the Bible, more talked about than read. Regarding this book (Graham's).... pass. Just my opinion, and I believe I am in the minority in this position also.

To: TimbaBear who wrote (2607)	12/4/1997 6:46:00 AM
From: Bob Davis	Respond to of 78609

On December 2nd, Touchstone Applied Sciences (NASDAQ:TASA) announced that its children's reading web site is now operational. This web site is the core of an exciting new Internet product called BookMatch(TM). TASA's new product seems to have many of the elements needed for success: - There appears to be a high level of "consumer demand" for a product of this type. - The Internet is becoming more accepted as a method of distributing specialized services to consumers. - BookMatch is known to be effective - TASA is already successfully marketing its various elements to to the educational community. - The product is competitively priced versus the other alternatives available to parents. - It is highly likely that BookMatch will be a quite profitable for the Company. Each of these points is discussed in a bit more depth on the Napeague web site at napeague.com . It is clear that if BookMatch is successful it will have a major impact on the Company's earnings. TASA offers its customers a very impressive core product line - a series of sophisticated standardized reading tests and supporting tools. There is strong evidence that indicates that these tools are dramatic improvements over those offered by competitors. These measurement tools are very well accepted by educators at all levels, and are even used at the college level, by universities such as Old Dominion and Purdue. In addition, the Company has just made two acquisitions which appear to make sense; they were completed at the right price and they both fit into TASA's core business. Since this basic industry is highly fragmented, if TASA maintains a sufficiently strong balance sheet, it can make additional beneficial acquisitions, especially if its stock price rises to reflect its underlying value. As a result, TASA could continue to grow quite rapidly. It appears that its management has confidence in TASA, since there has been a substantial amount of insider buying during the last several months. According to Form 4s filed with the Securities & Exchange Commission, in late June a member of the Board of Directors purchased 42,000 shares and in July the Chairman and one of the Company's Vice Presidents purchased a total of almost 41,000 shares. An in-depth Analysis of TASA can be found on the Napeague Web Site at napeague.com. I encourage you to read the entire Analysis as well as the Company's investor relations information and its reports to the Securities & Exchange Commission prior to making any decision to invest in this or any other Company. NOTICE This analysis is based on publicly-available information, and is in no way warranted by me as to accuracy or completeness. I do not guarantee to advise you as to any change in this information. I currently am a stockholder in this Company and may from time to time purchase or sell this Company's securities. I otherwise have no affiliation with this Company, and I am not compensated by it in any way whatsoever.