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To: Chip Anderson who wrote (32632)	10/12/1999 8:57:00 PM
From: puborectalis	Read Replies (2) \| Respond to of 41369

Again, Meeker speculation emerges Which '.com' analyst will leave next? When the Internet hot seat gets a little bit too hot By Bambi Francisco, CBS MarketWatch Last Update: 8:40 PM ET Oct 12, 1999 Internet Daily Net headlines SAN FRANCISCO (CBS.MW) -- "Who's next?" is the question on the lips of Internet stock observers watching the sector's exodus of analysts. Alan Braverman has become the latest Net-stock analyst to leave a high-profile Wall Street position. Braverman, who stepped into the Internet hot seat at Banc of America Securities just seven months ago, is now on to his next gig, though it wasn't immediately known where that would be. Venture capital beckons Regardless of why he's out the door, Braverman's departure does raise questions as to whether he's off to the alluring world of venture capital and whether he's among the first few of many more to come. Recall that other well-known Net names, such as BancBoston Robertson Stephens' Keith Benjamin and CS First Boston's Bill Burnham, have recently opted for those greener VC pastures. Now, the persistent rumor about Mary Meeker's resignation from Morgan Stanley appears to be resurfacing. It's not surprising, indeed, that the demands of being a sell-side analyst exact a toll on these people. "This is one sector where you're completely inundated," said James Preissler, an Internet analyst at PaineWebber. "Not only is the industry changing rapidly, businesses and business models are evolving on a minute-by-minute basis, and, considering the opportunities, it's understandable that there'd be a lot of movement." On the hot seat On the venture-capital side, noted Preissler, a person isn't "beholden to institutional investors, and there's no gun to your head to react." Preissler said he's not considering leaving his post but admitted that there's not much time left in his day. Meeker, of course, would be a significant addition to any firm she joined. Her name -- which often goes hand in hand with any positive words about the Net -- precedes her. And the accolades for her are endless. The Industry Standard named her the most influential Internet analyst, with Henry Blodget of Merrill Lynch as runner-up. Meeker joined Morgan Stanley -- which in 1997 merged with Dean Witter Discover, creating Morgan Stanley Dean Witter (MWD: news, msgs) -- in 1991. And the rest is history. Her network is vast and runs the gamut from new start-ups to venture capitalists to grown-up Net notables. As for where, if anywhere, she might go from Morgan, well, it's probably safe to say that the world could be her oyster. Meeker the powerful But if she does leave, it may come as a shock to the Internet's system. One of Meeker's Net stars attests to her contribution. Homestore.com Chairman and Chief Executive Stuart Wolff said he heard the same rumblings about Meeker's potential departure as Homestore.com (HOMS: news, msgs) was going through the process of securing venture funding and then as it was going public in August. Wolff said Meeker's involvement was key to Morgan Stanley getting his business. "She found us before anyone ever heard of us," said Wolff, who added that he doesn't believe she's ready to leave. "What could be more fulfilling than what she's doing?" Even if she did leave, Wolff said he certainly doesn't expect her to retire. "I'll take any odds ... that she's not retiring. I'll even bet all my options." If Meeker's role is as significant and crucial to a company's healthy birth into the public market as Wolff said it was for Homestore.com's, then she's likely being asked to stay on for the 10 Internet IPOs set in the months ahead. Those include Women.com (WOMN: news, msgs), Akamai Technologies (AKAM: news, msgs) and Artist Direct (ARTD: news, msgs). Morgan Stanley has led 19 Internet IPOs this year, raising $1.6 billion for the companies and creating $13 billion in new market capitalization, as of the offering dates. Bambi Francisco is Internet editor for CBS Ma