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To: Meathead who wrote (25039)	12/13/1997 9:09:00 PM
From: Bearded One	Read Replies (1) \| Respond to of 176387

Take 128 managers. Have them do completely random trades. After one year, 64 of them will beat the average, 64 will do worse. Forget the 64 who did worse. Have the remaining 64 do random trades again. After one year, 32 of them will beat the average, 32 will do worse. Forget the 32 who did worse. After another year, you'll have 16 surviving managers, another year you'll have 8, another year you'll have 4. Those 4 managers will have outperformed the market 5 years in a row. Give them all big bonuses, put their faces on the cover of magazines, and interview them on CNBC. I'm sure they're all nice, smart people. And I happen to agree that electronic business is going to be wonderful. Doesn't mean we're not in Bear territory.

To: Meathead who wrote (25039)	12/13/1997 10:55:00 PM
From: McNabb Brothers	Read Replies (1) \| Respond to of 176387

Meat, There can be alot of difference in how companies perform and how their stocks perform over the short term, and I see all the great news being out for the time being! Look at the high tech stocks in general and name some high techs that are 10% or even 20% from there all time highs there are alot more down more than 20% from there all time highs! The high techs are in a bear market and it will eventually pull even the great companies down! Hank