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To: Sabrejet who wrote (23007)	7/15/1999 5:42:00 PM
From: Danny	Respond to of 27307

Yes, Fidelity sold INTC back in 1997 around 45 (split adjusted) , which BTW has been approved to be a right move. But look at where INTC is today. The problem is, by the time everyone on the street knows this type of thing, most of the selling by big fund is pretty much done.

To: Sabrejet who wrote (23007)	7/15/1999 5:44:00 PM
From: Jeff Dryer	Read Replies (2) \| Respond to of 27307

AOL's market cap is $155 billion based on 1.283 billion diluted shares outstanding and a closing price today of $123. AOL's P/E ratio on last 4 quarters earnings is 482. Forward P/E on projected next 4 quarters earnings is about 350. AOL's growth is expected to be in the 50% range per year going forward, so why is a 350 P/E justified? I believe AOL is clearly overvalued and if AOL's market cap compresses, then the valuation ceiling is probably lowered for all Net stocks. It's something to watch out for. An index of 120 tech stocks we follow here at SI is up about 140% since last October... 140% in 9 months. This index includes companies in the Computers, Software, Communications, and Semiconductor categories. I believe valuation for the whole market is something to be concerned about.