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To: The Other Analyst who wrote (50)	7/25/1999 3:29:00 PM
From: Edwarda	Read Replies (1) of 144

Your thought process is incomplete. You have identified an opportunity for an alert investor to assess the field for those ISPs that will be take-out candidates. Once that process is completed, as you suggest will happen, the strong survivors will command valuations that will be attractive. One should not play the survivor investment strategy, however, until acquisition penalties are well recognized in their depressed stock prices. Your thoughts?

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