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Technology Stocks : America On-Line (AOL) -- Ignore unavailable to you. Want to Upgrade?

To: CGarcia who wrote (34724)	11/28/1999 12:41:00 PM
From: Bruce McGaughey	Read Replies (1) \| Respond to of 41369

I'm an indirect holder of AOL. I own it through my mutual fund: Legg-Mason Value Trust(LMVTX). Earlier this year, LMVTX sold about 8 million shares, but with the recent split, we still hold 20 million shares (roughly). I found this the other day and thought I'd share it with you all. It's an interview with Bill Miller, the manager of LMVTX. A regret this year? No, not selling a big chunk of his largest position, AOL. Rather he regrets what he did with the proceeds. "Buying Waste Management (WMI:NYSE) at 50!" Miller chuckles as he considers the price. It closed at 16 Wednesday. But he still thinks the trash-hauler is a good pick. "It's about 30% to 40% too low." As for AOL? "I'm still quite bullish," Miller says, in large part because he thinks that the Internet giant keeps very good books. "Accounting is so conservative that cash earnings are roughly double reported earnings," he estimates. I've heard projections that AOL will get back to 100 soon. Reading things like this make me think it will happen. Go AOL !!!