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Technology Stocks : VALENCE TECHNOLOGY (VLNC) -- Ignore unavailable to you. Want to Upgrade?

To: Robert Einstein who wrote (3627)	8/10/1998 10:51:00 PM
From: MGV	Read Replies (1) \| Respond to of 27311

Exhibit 1 Hello lws, How are you? If you have a large position in VLNC, you did not take it due to Visnic. You took it knowing that it is a speculative venture. Either you make a fortune,and live to tell your grandkids or you loose it all. Now comes along this CLOWN called visnic . All he is doing is creating doubts in the minds of people. He has not said a thing that we all do not already know. There is this Moron called Mike Burke and he has a band of loyal brain dead lap dogs,who has his thread on SI and the thread is called "Ask M.Burke". Now this dude made a very eloquent and appealing case that DELL was a commodity company,and that the asians would make cheap "Boxes",and put DELL CPQ and GATE out of business. This was 2 yrs ago. The rest is history. Him and his lackies are sitting with their proverbial D--- in their hands while the "Box Makers " have made over 30 and 40 times for their investors. Any body holding VLNC,a large position at that, must know that it is a speculative stock and could go to ZERO. Now, if you are looking for wisdom from visnic you are in trouble.That means you can not make up your mind what you want to do. Must have a game plan. Must know why you bought a stock.Can't change the game plan half way through the race. Can't bet on a horse and then listen to the opinion of every guy offering it. Best way to go broke. Good luck and may god bless you and guide you in your decision making. Robert Exhibit 2 My opinion of Visnic is that he very well could be a paid hitman, maybe from a competing company, maybe from someone beyond my scope of suspicion. Or, he is just an egotistical attorney who enjoys the banter on the internet threads. Visnic forgot to include hysteria or playing on emotion as one of the kinds of posts he includes in his portfolio. My conclusion is, he is an ALARMIST, nothing more. I know by posting this letter a long winded verbose response is coming in the vernacular of our learned friends smoking rooms. The response will be much more clever and astute than any of us emotionally attached investors could muster. He will discount instinct, intuition, faith, and belief as weak traits in the investment world (somewhat true). He will stress the cold hard facts and disregard and diminish enthusiastic projection. It is his only style, stuck in the aggressive piranha like attacking frenzy of his lawyerly world. There you have it. Defense rests.

To: Robert Einstein who wrote (3627)	8/10/1998 11:32:00 PM
From: lws	Read Replies (1) \| Respond to of 27311

Robert, Thank you for your reply. I agree with part of it, and disagree with another part of it. You are right that I did not buy Valence on account of Mark Visnic. I slowly built my position over several years as I watched it progress through its research and development program. During that time I learned as much as I could about it. I watched its balance sheet and its cash burn rate, and I thought that its R&D would succeed before its cash ran out. Now that its cash has run out ahead of its R&D, I am uneasily maintaining my position despite Mark Visnic's warnings and the somewhat dubious nature of its new financing. I am maintaining my position (at least for now) in part because of the arguments of other posters I find interesting. As you said, it's a highly speculative venture! However, I disagree with your characterization of the investment process as an all-or-nothing matter of placing your bet and then waiting to see whether you win big or lose everything. From this standpoint, the whole purpose of an equity market trading the shares of a corporation is to avoid the necessity of such an approach. A market allows you to change your bet -- to increase it or decrease it or liquidate it altogether. Given the availability of such a market, it then is, I believe, incumbent on the investor to continually reevaluate his investment as circumstances evolve. His job is to keep up with those changing circumstances and factor them into his "game plan." Keeping up with those evolving circumstances is one of the great virtues of this Valence chat line. People like Visnic promote this process even when their posts are disquieting or abrasive. In this light, I must now consider whether to lighten up on my position. The circumstances facing Valence have changed, so perhaps it would be prudent to take something off the table, even if at a small loss. I follow, and will follow, this chat line to help my decision-making process. It is not an all-or-nothing bet for me. Good luck to you too, and to all us Valence longs.