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To: Steven Rachbach who wrote (5228)	1/29/1999 7:51:00 PM
From: Joe Brown	Respond to of 10852

Well said, but the investors I was referring to are represented best by the fellow who told me (upon deviating tremendously from his historical investment philosophy of conservative blue chip investing to momentum plays on 'net stocks) that: "Speculation is good!" I applaud your insight on the internet stocks, and for my sake and the sake of those on this board who have bet on the satcom industry, I hope you are correct that the same lovely fate awaits this group that now holds the internet group in thrall. I remember only too well, however, the belief in the late 1960's that the tech stock favorites of that day were the promise of the future. Only a few survived the debacle of the early-1970's to go on to thrive, and the recovery took most of a decade to occur... Never underestimate the market's ability to unwind excess... and to overdo it on the downside as well as the upside. I don't mean to sound melodramatic, but I've been in the middle of too many "bubbles" that got burst to be complacent. It is not a pretty sight... On the other hand, there's the case of a fellow I played golf with last summer who had put $400,000 into Dell about 6 years ago; he's worth $50 million now.