week 17 may, page-74

Archer,
your view is not a bad one to have, after all the Long Term picture for the XJO is that it goes up, and it has to.

Why?

Because of what I refer to as the rached effect. Sound companies will continue to grow with natural world growth, really well managed companies will buy out their competitors, bad companies however fall out of the XJO and good companies that are growing come up and take their place.


The problem for all of us is funding and competing demands on our capital. there are too often good short term opportunities to be had.