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To: LK2 who wrote (186)	3/30/1998 10:34:00 AM
From: Robert Douglas	Respond to of 2025

Larry, excellent post. I have read "The Intelligent Investor" several times and find that what most people call investing Ben Graham would call speculating. Most people that "invest" in technology stocks are really just speculators looking for a quick turn. I have tried to be a true investor in technology stocks and have had pretty good results including twenty times my money in Intel and ten baggers in several others, all of which I am still holding today. I think many of the problems you attribute to growth stocks are really problems associated with technology stocks in general. That problem is the fast pace of technological change. How many companies have lit up Wall Street for a few years and then disappeared like a shooting star because they were leapfrogged by someone with a better way of doing things? I will always look for growth and I think Ben Graham's best student, Warren Buffett, will as well. The problem with tech stocks as growth stock investment candidates is that you can't see far enough in the future to feel really comfortable about paying growth stock prices. Once again, great post with many great points that I would love to comment on if I had the time.