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Technology Stocks : Netscape - the REAL blockbuster?

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To: hstein who wrote (81)	7/10/1998 5:03:00 PM
From: Steve Andrew	Read Replies (2) of 137

To All... First off, I do respect other opinions and eagerly greet them as necessary for an intelligent debate. For you "er"...you are way off as I have certainly stated my "true opinions and have openly indicated my bias to the short-side at the 40+ levels. You obviously have trouble reading and my "short pennies" are in the mid five figure area...can you honestly say the same. HSTEIN.... Your analysis is interesting, but I will dispute the implied valuation for the browser business (1.7bill). I think that price reflected considerable promise for the existing NSCP franchise, including their future internet strategy. The stock price only ascended upon the rumor of a portal alliance (an alliance that has yet to reveal itself or justify the increased valuation).Portal valuation is still a very fuzzy concept and mostly left to anybody's guesswork (only AOL can accurately measure cash-flow from a portal biz.).You also assume that NSCP will get the best deal from the interested media companies. Look at the 1994-95 mania of media/telephone/cable deals that NEVER materialized into ANY substantial business for anyone but investment bankers. Media companies have gotten a bit savier of late and are no longer overpaying for access....(see Disney/Infoseek deal) so no guarantee of riches for NSCP portal strategy. Also, I don't agree that NSCP stock price is cheap or low. I agree with you as per your recognition of NSCP's open-code policy, however MSFT is allowing others to write for IE at present and will obviously continue to attract the best programs available. Finally, I don't see where owning the browser will add too much value to any equation as they are forced to continue to give that product(and future versions) away for free(you know MSFT will compete effectively with NSCP in that arena). I also might add that I like MSFT to ultimately win the browser wars and OEM's are already configuring both browsers to direct initial boot-up to other portals. You are obviously sensible and smart and I look forward to future discourse. To Dermot... As an initial IPO investor in NSCP, I thought highly of the management team in the past and have lost faith of late for several reasons. Having heard speechs and talks in front of institutional investors at past conferences...the common reaction was one of "what corporate arrogance and smuggness". Barksdale was more interested in self-worth and reward than in shareholder protection. He lives part-time near me and is well known for his lavish lifestyle. Other senior managers ( Mssr. Andreesen excluded...and had you read my posts I separated him from the arrogance crowd) are even less impressive in investor discussions. They claimed, as recently as last year to have the only real answer to the internet and have always been slow to respond to what has become perhaps the most fluid and variable business of the future. Your judgement of my credibility is interesting as you offer nothing other than a third-party novel for your basis. The compensation totals for upper-management vastly exceed those of other i-net companies (YHOO,XCIT,LCOS,etc..)and only recently have any of them stopped selling stock and begun buying the common. I remain completely unconvinced of their abilities. Prove me wrong...I'd be happy to want to buy this stock if you could. Good Luck to All.. Steve

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