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To: Paul Senior who wrote (4207)	6/1/1998 12:55:00 AM
From: Ron Bower	Respond to of 78525

Paul, "He, like many people on this thread, believed management was crucial. "He insists on knowing a company's management personally." "He liked companies he could understand (not tech stocks!), was attracted to companies with unbroken (or almost unbroken) 10 year record of earnings increases, and preferred debt-free companies - leaders in their fields - with stable management." My kind a guy! I saw an interview of him a few weeks ago. A very interesting person with some great stories and philosophies. And an excellent investment strategy IMO. Ron

To: Paul Senior who wrote (4207)	6/1/1998 8:41:00 AM
From: jeffbas	Read Replies (1) \| Respond to of 78525

As an aside, I note that he is in the same camp as Buffett on tech stocks. However, I wonder if they would understand biotech any better? Or, by extension, drug companies? Is the real issue a company that requires a major amount of R&D and new products all the time to stay in business? I do not find it difficult understanding that Intel and Microsoft have powerful monopolies on microprocessors and operating system software, even though I do not know much about the design of a chip or writing software. In fact, you can make a case that just because so much R&D is required, a large company with an entrenched technology monopoly is harder to dislodge than in other industries - since no one can come close to their R&D budget.