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To: Paul Engel who wrote (69310)	12/3/1998 7:39:00 AM
From: Mary Cluney	Read Replies (4) \| Respond to of 186894

Paul,>>>But spotting good values far in advance of the "crowd" is still a valid technique.<<< I didn't mean that you have to resort to a dart board for stock selection. What I meant was that picking low fruit, easy pickins - or finding good values from looking at the balance sheet only - those days are gone forever. Athletes are stronger, faster, in better condition, and have to be mentally and emotionally better prepared today. The competition is stiffer. Training techniques have to be changed - made more rigorous. In the same way, stock selection is far more competitive today - especially with the aide of the Internet leveling the playing field for millions of people. The old boy network can't just go to the clubs and trade information to make tons of money anymore. Things are quite different now. They now have to get out of their leather chairs and rush to a computer terminal to make those trades. They can't just sit around with their two martini lunches and act on those tips at their leisure. These days, there is just too much money chasing after too little value that anyone could find bargains any more because of other people's ignorance or lack of information or preparation. The past is largely discounted. One new technique - one that Graham and Buffett didn't and couldn't do is what we all are doing on the Silicon Investor. We have our antennae's tuned into technology and we have to understand what is going on - and make our bets on what will and will not work. Graham and Buffett were indeed great people - but just as Bob Cousy and George Miken were great in their days - I doubt they would make it in the NBA today - simarlarly, Graham and Buffett would find the competition equally more difficult to deal with today. Regards, Mary