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Quotes of the Week

November 15, 1999

Many value investors ignore technology companies or maintain minimal exposure to them, despite compelling evidence that this sector has had the ability to create substantial, long-lasting shareholder wealth. The reasons typically given are that technology is difficult to understand, that it changes rapidly, and that the stocks are usually too expensive, according to standard valuation methods. All of these reasons are weak . . . The theory of value indicates that all of an asset's value derives from the future. Avoiding the analysis of possible futures, their probabilities and expected payoffs, may constitute the greatest error of all.
Bill Miller in Amazon's Allure $$ from Barron's (11/15/99)

If I've learned one thing in this business, it's that the only thing that always goes higher is the compensation of the investment pros.
Jim Sweeney in Aeltus Weekly (11/8/99)

Nobody likes you when you make negative calls--the companies, the big clients, nobody. But, you know, it's like yelling at the weatherman because it's going to rain tomorrow."
Daniel T. Niles in Street Bear from Fortune (11/22/99)

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