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To: GST who wrote (47723)	3/28/1999 10:34:00 PM
From: Randy Ellingson	Read Replies (2) \| Respond to of 164684

You would appear much smarter with a little more humility -- a characteristic of those smart enough to know how lucky they really are. It is admittedly difficult for me to understand how you can say investment success derived from taking longer-term positions in Internet leaders is "lucky". The Internet's importance and the revenues attached to that importance are growing faster than any industry in history. Are you one to believe that the key aspects of this technology will be replaced by something "else" sometime in the near future? There's always risk, and valuation is difficult to assess; but look back two years, and then try looking forward ten. Will Amazon.com be "lucky" to still be a leader in Internet retail? Will they be "lucky" to find a way to turn 5% net profits? Randy

To: GST who wrote (47723)	3/29/1999 12:03:00 AM
From: Bill Harmond	Read Replies (1) \| Respond to of 164684

>>it only appears that way when you protest too much that the outcome can only be the result of your superior intelligence, with no 'dumb luck' involved. Get off it, GST. I have never spoken to my intelligence or taken some special credit for profits. Find a post. This is your spin, and I find it bitter. Look. All this could disappear quite easily. I doubt it will happen because of all the fundamental causes, but favor could turn. That's why you'll never hear me say "I told you so", or find me writing scripts for the stock market. Being a healthy, educated, alert and stable American covers most of the luck right there. I was lucky enough once to have a one-on-one breakfast with Warren Buffett (Steady, HJ!). It was thirteen years ago. We were at the '86 Calgary Winter Olympics together. He told me never to compete with other investors' successes, and never personalize my own success. I'll never forget it. Let's just learn and profit from the world around us, and lose the chip.