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To: Bill Harmond who wrote (67974)	7/16/1999 2:22:00 PM
From: KeepItSimple	Read Replies (1) \| Respond to of 164684

> We agreed that this was public venture investing. Yes. Business IPO'ing these days arent even 12 months old, most have no revenues or profits. Barely more than a biz plan and a few employees. However, venture capitalists NEVER placed a value of billions of dollars on startups at the "biz plan" stage, for good reason. 90% of them went belly up. But in the new public venture world, every single IPO is being priced as if it were a profitable company 10 years from now. Don't you worry about this? Or do you assume there will always be enough suckers out there to fund continuing losses at these biz plan startups, so that none will ever go out of business and they'll all be "winners" ?