Since I've not heard from Don in two hours, and he was diligent to post my comments last night and shoot me an email I only got this morning telling me he would post parts of my response here, I feel compelled to post the email I sent in response. I have also called him this morning, to no avail.

I have only removed his personal info.

Sincerely,

Pete Stout


Don,

To say that I am frustrated that you violated my trust
by posting my PERSONAL email to YOU (noted as such) by
publishing it -- in whole or in part -- on the web
would be putting it mildly. When readers write in but
ask that their letters not be published, you can be
sure that I honor their requests.

And, for the record, Excellence does NOT operate via
the dubious practices of so much media. When Wolfgang
Durheimer goes "off the record," it's off the record.

So that I may defend myself and clarify my answers, I
ask that you post this email in its entirety
(inlcluding the above) on the Early 911S Registry
forum thread that you have started based on my email
to you. If you are unwilling to do so, then I will
join the Registry to post it.

I will also, from here forward, need to more carefully
consider responding to readers' letters.

The more I read the thread you have created on the
911S Registry's Message Board, the more I am inclined
to think there is a valid defense for Bruce's numbers.
Hence, my quote on "the case for conservatism."

Our market values may be low compared to the visible
and confirmed sales of many early 911s online, but
then the cars that tend to make the "news" are usually
extreme examples from both ends of the spectrum --
though people sure love the highs. One must ask,
"Why?"

Moreover, auctions results are probably only a good
barometer of values in the auction arena -- which is
often supercharged for "shiny" cars on one hand and
careful/dubious of "less shiny" cars on the other.

I feel that Jim at SCM does indeed have a good handle
on the market for these cars -- but I don't think it's
the only handle. The smart reader would probably want
to assemble as many research "handles" as possible
when trying to get the most accurate assessment of the
market. If we are the conservative example, then I am
comfortable with that -- Excellence is conservative in
many ways.

Also, just how many early 911s are out there with
"all-original paint, low miles, few owners, etc.,
etc."? My guess is not many. These cars are not
"merely" "excellent" -- they would fall into Bruce's
oft-noted "beyond excellent" category and thus off of
our pricing scales. Thus, they should not be allowed
to have TOO great an impact on the market values as a
whole.

Early 911s are roughly four decades old now. Is an
early 911 that's been cherished, driven 100,000 or
even 200,000 miles, had a repaint or two, but is
otherwise stunning not an "excellent" car? I would
argue that it certainly can be -- and would be
delighted to see it in a supermarket parking lot,
Registry event, or at an R Gruppe meeting.

But how many early 911s fall well short of "excellent"
-- or even "good"?

Early 911s are enjoying meteoric increases in value
currently -- 8-9 years ago, I had a feeling it would
happen someday. It is good to see them valued for
their beauty, desirability, driving pleasure, relative
rarity, and centrality to the Porsche legend. It is
also sad to see early 911s pushed out of reach for
many enthusiasts, but I suppose this is inevitable.

I wish members of the Early 911S Registry warm
greetings from Excellence and good fortune with your
club in the future. I regret that I felt forced to
make my public address in this manner.

Sincerely,

Pete Stout

P.S. (Please note my confidentiality clause at the end
of this email -- something I pointed to and added to
in my original message to Don.)

Editor, Excellence Magazine

STATEMENT OF CONFIDENTIALITY: The information contained in this
electronic message and any attachments to this message are intended for the exclusive use of the addressee(s). No representation is made on its
accuracy or completeness of the information contained in this electronic
message. ANY DISSEMINATION, DISTRIBUTION, OR COPYING OF THIS E-MAIL AND ANY ATTACHMENT(S) IS STRICTLY PROHIBITED. If this message was misdirected, the author does not waive any confidentiality or privilege. Please reply to the sender and destroy all copies of this message and any attachments from your system.

--- Don Hxxxxxxxxxx <dxxxxxxxxxxx@XXXXXXXXXX> wrote:

> Pete,
> Thanks. I will just quote short sections. An
> excellent 1970
> 911S just sold on the "early 911 registry" and the
> asking
> price was $55k. Tell Bruce.
>
> Don