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Technology Stocks : athm - at home corporation

ATHM 24.25

+1.6%

Dec 12 9:30 AM EST

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To: Pluvia who wrote (84)	7/16/1997 1:59:00 AM
From: Gary105	of 94

Steve, I appreciate the bandwidth and what it enables in a big way. I think many however overestimate its impact on consumers. Yes, techies like you and I may most likely switch. But internet service for the masses is still very price sensitive and requires a lot of marketing - and athm and its cable customers is doing a poor job marketing its service. Their cable goes through my front yard, yet I have not received any advertisement re. the service, a big contrast to aol. I'd be far more sanguine on the company right now, if it had more capital or was much further along with subscribers. The insiders who literally paid pennies a share for the stock will make out well. I'm not so sure about current shareholders. At current prices it has 1/3 the market cap of aol with 1/1000th of its subscribers. Given their burn rate, they have 18 months to prove themself, according to their own ipo prospectus. Watch the rate of subscribers - it will tell the story in a big way. If they have half a million within a year, the stock will continue to move; if not, it may trade for 5 - 10x future book value. At current valuations there is no room for disappointment in the rate of subscribers.

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