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To: Norm Demers who wrote (12629)	12/3/1999 1:26:00 PM
From: Dale Baker	Respond to of 118717

BITS - I forgot to ring the bell for... A 50% GAIN IN A VALUE TECH STOCK!!!!!!!! Setting new land-speed records here all the time with that. Seriously LOL.

To: Norm Demers who wrote (12629)	12/3/1999 1:30:00 PM
From: Dale Baker	Respond to of 118717

TTPA - called at 37 now 50. Not sure what's next but I'm impressed as hell with my first few days owning this stock.

To: Norm Demers who wrote (12629)	12/3/1999 1:36:00 PM
From: Dale Baker	Read Replies (2) \| Respond to of 118717

FNDT is probably a buy again when it dips after next earnings report in January: Fundtech (FNDT) 19 3/8 +1 1/4 : Fundtech gets some long awaited brokerage coverage from CIBC after making a presentation at the CIBC Technology Conference on Wednesday. Fundtech, when first IPO'd this summer had lots of coverage, but then got dropped when they ran into sales problems. The sales problems, as explained to us at the AEA Conference in November are Y2K related. Fundtech sells software for electronic payment processing to banks. The Israeli company has a strong presence in Europe where there is no centralized Federal Reserve clearinghouse, but they also sell in the United States. However, their client acquisition up until the third quarter was running at about 15-20 banks per quarter. Because of the license/maintenance fee structure, this lead to a nice upward revenue curve. But almost as soon as they IPO'd in the summer, the revenue curve dropped off. In Q3 Fundtech only signed up "3 to 4" banks, according to CFO Michael Carus. In November, at the AEA conference, he was extremely vague about how many had signed up so far in Q4, leading us to wonder if any had. But the play on Fundtech now is to look past Y2K, to the post 2000 era. If the revenue dropoff really is attributable to budget delays by banks due to Y2K, then Fundtech should see a return to strong revenue growth starting in Q1. We tend to believe the Y2K reasoning. Banks, in general, still have a long way to go in modernizing their legacy systems. They will be consumers of technology for a long time. CIBC sets a modest target of $29, based on 30 times earnings in 2001. CIBC points out in their upgrade this morning that Fundtech has $6 in cash per share, ($88 million) with no debt. They certainly have the resources to wait until January, although anyone investing now should expect the Q4 report, due out in late January, to look pretty bad. Look past that release. The only important quarter for Fundtech right now is Q1. - RVG