America On-Line: will it survive ...? Message Board

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Technology Stocks : America On-Line: will it survive ...?

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To: James F. Hopkins who wrote (2052)	3/1/1997 10:00:00 PM
From: Zoro	of 13594

Bill Miller is a sophisticated, very bright fund manager whose value approach to investing has consistently brought excellent returns. I don't always agree with his views, but he has the uncanny ability to look at facets of a situation and see real values where others do not. My view of AOL is that they have used aggressive accounting by capitalizing expenses that should really have been expensed from the beginning, they've underestimated the flat rate monthy demand, have been the subject of just about the worst p.r. a company could have, have lost any real current worth . . . yet have 8,000,000 subscribers just waiting to be advertised to by vendors seeking a relatively high socio economic customer. On a profit from subscriber basis, I see no value in this company. But on a third party income source basis, one needs to consider the possibilities. I have no idea where Mr. Miller comes up with his numbers, but I would not be quick to disregard his views just because they are different from yours. He is not always right, no one is, but he does have a good track record. I am neither long nor short on AOL, and am not a subscriber.

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