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To: Lee who wrote (34823)	3/18/1998 10:12:00 PM
From: Sr K	Read Replies (1) \| Respond to of 176387

WCS, and Lee: The in context statement by WB was: "Though we are delighted with what we own, we are not pleased with our prospects for committing incoming funds. Prices are high for both businesses and stocks. That does not mean that the prices of either will fall -- we have absolutely no view on that matter -- but it does mean that we get relatively little in prospective earnings when we commit fresh money. " The comment about the outside corner was on private business opportunities: "If they are in the strike zone at all, the business "pitches" we now see are just catching the lower outside corner." And, Lee: Or maybe he's bullish on bonds expecting higher yields? The investments were "long-term zero-coupon obligations of the U.S. Treasury. These securities pay no interest. Instead, they provide their holders a return by way of the discount at which they are purchased, a characteristic that makes their market prices move rapidly when interest rates change. If rates rise, you lose heavily with zeros, and if rates fall, you make outsized gains."