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Non-Tech : E*Trade (NYSE:ET) -- Ignore unavailable to you. Want to Upgrade?

To: Thanh T. Phung who wrote (2875)	5/4/1998 6:59:00 AM
From: MR. PANAMA (I am a PLAYER)	Read Replies (1) \| Respond to of 13953

BUFFET and THE NET....THE MAN IS ON ....... The Power of the Internet While he says he's not smart enough to figure out how to turn it into millions, Buffett is impressed with the transformational power of the Internet. He said the Internet will fundamentally change commerce around the world. "It's big. It does change a lot of things. It will change the way a lot of commerce is done over time," said Buffett when asked about the economic impact of the on-line explosion. "I'm not smart enough to make a lot of money off of that but there is no question it is changing people's behavior by the day. There are lots of way that it will have commercial application." While the power intrigues him, it is not intriguing enough for him to consider Internet-related holdings in the Berkshire portfolio. "We own no Internet stocks. We will own no Internet stocks. We do not have any idea how to make any money off the Internet," said Buffett. "At the same time, we do recognize it as a terrific social force. It has had an enormous impact on lives already." He specifically is impressed with the potential of the electronic revolution for communication. "It changes the time aspect, the distance aspect, and the cost aspect of communications in a huge, huge way," he said. "We can print our annual report in effect for nothing and have it available to every home that has a computer in the world instantaneously." While not ready to endorse the Internet as an investment for his own portfolio, he does recognize the differences between electronic commerce and traditional ways of information dissemination. "You compare that to chopping down trees and doing everything else and sending it through the mail and that's a big change." As for his personal habits, he is a big Internet fan. "I play bridge probably twelve hours a week on the Internet," said Buffett. "And, I look up a lot of things. Last year when I lost my voice [at the annual meeting] I went home and looked up laryngitis on Alta Vista." However, even after prodding, the chairman remained steadfast. "We don't think we'll make a dime off of it." As for Charlie, the phobia runs deep. When asked about his Internet habits, he spoke, "I don't do it."