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To: Les H who wrote (46461)	6/11/1999 1:31:00 PM
From: Lizzie Tudor	Respond to of 86076

Good question, let me know when you find out. I have no idea how to value cmgi other than by looking at their portfolio companies (which is strike one against them)... but assuming they are able to operate as a publicly traded VC firm, even as a closed end mutual fund, what happens when they have a dry spell and some of their companies need a cash infusion? For most of the money-losing inets like amazon (who also has a portfolio), the cash on hand is so high they are ok and their charter is not as a vc so if they run out of cash they just don't do any further investment. I like the notion of a public vc fund as an entrepreneur however because I think vc money is too much of an old boys network now. But you need stability in cash flows and I don't see how that can be achieved.... are there other closed-end vc's out there in the spec arena do you know?