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To: Eric Wells who wrote (76767)	9/6/1999 11:39:00 PM
From: umbro	Respond to of 164684

Eric, nice work. Thanks for the extra info A clarification, on this point: I'm not certain what conclusions could be drawn from the data. The most immediate conclusion would be that insiders are dumping shares of internet companies as fast as they can - showing an extreme lack of confidence. But it is possible that VCs and investment banks generally sell off large portions of their positions soon after IPO. My understanding (someone please correct me if I'm wrong) is that VC's don't always sell on the behalf of their limited partners. Instead, they disburse the holdings back to the partners, letting them make the decision as to when to cash in on their capital gains. Of course, the VC have some of their own money in the pot, and usually a substantial sum, so they have to report their holdings and their trades, if the the shares are over a certain threshold. Most of the limited partners will fall below the threshold, and thus will not report their sales.