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Technology Stocks : Gorilla Game -- Ignore unavailable to you. Want to Upgrade?

To: RavBruce who wrote (371)	3/8/1999 10:17:00 PM
From: Mike Buckley	Read Replies (1) \| Respond to of 387

Bruce, Congratulations on your long-term Merck investment! I'm envious. As an industry, the new drug delivery and genetic technologies have the potential to change life as we know it--more than any technology company has done(they change how we work, live, and communicate) but not life. Maybe you could nominate some for consideration in the W&W portfolio. --Mike Buckley

To: RavBruce who wrote (371)	3/17/1999 12:42:00 AM
From: Seeker of Truth	Respond to of 387

Tiny companies A,B and C have something new to offer, let's say. But they lack the multitude of other expertises which are required to make what the something new that they have become really valuable. A company like Merck has researchers who understand A,B, and C. Merck licenses their technology, or buys the companies, mixes A,B and C technologies with Merck's own know how, comes out with something still better. I guess my main point is that so many different technologies are required before there is a useful drug, that only a Merck or some such company can really profit. My bet is that ten quanta of Merck stock will outperform ten little biotech companies. Whoever comes up with something new must surrender a huge portion of its value to a gorilla.