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Quotes of the Week

September 29, 1997

"Buying the best issue is like betting on the top-heavy favorite in a horse race. The chances may be on your side, but the odds are heavily against you."
     Ben Graham
     Source: David Dreman's Why not the best? from Forbes (10/6/97)

Let's face it - Americans "shop 'til they drop"; Asians "save 'til the grave." A stereotype, sure, but born out by cold statistics that place our savings rate at 1/2 or even 1/3 of Asians, and far less than that of South Americans as well.
     William H. Gross in "Butler Creek Forever?" from PIMCO (September 1997)

The Internet IPOs, to paraphrase Humphrey Bogart, are like other IPOs but more so. They are newer firms, more experimental, more speculative--they are IPOs on steroids.
Roger Lowenstein in "Fools Rush In" from Smart Money (October 1997). Lowenstein found that if you had invested equally in 38 Internet IPOs beginning with Netcom in 1994 (including Netscape, Yahoo!, and Amazon) at the offering price you would have lost 8 percent of your money versus gains of 41 percent for the S&P 500 and 26 percent for the Russell 2000.

"I'm only giving up nine months' earnings. It's not that big a deal"
Ted Turner, vice chairman of Time Warner, in announcing plans to contribute $1 billion to U.N. programs over the next decade. Source: US News & World Report (9/29/97)

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