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To: Hiram Walker who wrote (1528)	3/14/1998 4:30:00 PM
From: CAP	Read Replies (1) \| Respond to of 2063

Hiram, I remember when a business strategy was to borrow so much money to fund rapid expansion so that your creditors could not let you fail and the local politicians had heart failure to think of the number of lost jobs. It amazes me how over-extended these companies are yet they are the darlings of the street. I'm invested in BTGC, one of only 6 or 7 profitable biotech companies in the US out of about 125-130 and they "get no respect," to borrow a line from Rodney Dangerfield. One thought is that the start up industries are founded by pioneer types who attract pioneer type investors (Go West young man) while the staid companies (blue chips and other stable enterprises) are owned by those who bid farewell to those more adventurous but remained behind while the pioneers sought a future in a high risk venture. I guess the good news in all of this, if my thought is correct, is that there is no lack of pioneering spirit in America today! These companies that are surging forward and slashing through the wilderness to grab as much of the land as possible, will be the giants of the new frontier if they succeed or they'll lose it all. Ya gotta admire that spirit. CAP