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To: pater tenebrarum who wrote (16470)	6/8/1999 9:06:00 PM
From: Michael Watkins	Respond to of 99985

Heinz, I'm in complete agreement with what you say, and allow me to add my opinion that not only are Internet stocks rate sensitive as you suggest, but so are virtually all of their customers. I can't escape seeing it as a domino effect.

To: pater tenebrarum who wrote (16470)	6/8/1999 10:10:00 PM
From: Giordano Bruno	Read Replies (1) \| Respond to of 99985

OT Heinz, out of curiosity here's a peek at AOL's investment income. I agree, their p/e is a little pricey. May 7, 1999 AMERICA ONLINE INC (AOL) Quarterly Report (SEC form 10-Q) Other Income, Net Other income, net consists primarily of investment income and non-operating gains net of interest expense and non-operating charges. The Company recorded other income of $586 million and $4 million in the three months ended March 31, 1999 and 1998, respectively. The Company recorded other income of $607 million and $13 million in the nine months ended March 31, 1999 and 1998, respectively. The increase in other income in the three and nine months ended March 31, 1999 was primarily attributable to a net gain of approximately $567 million on the sale of its Excite, Inc. investments. The additional increase is mainly due to an increase in net interest income and a reduction of non-operating losses related to various investments.