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Non-Tech : Bill Wexler's Dog Pound -- Ignore unavailable to you. Want to Upgrade?

To: Bill Wexler who wrote (5956)	1/10/2000 10:39:00 AM
From: allen menglin chen	Respond to of 10293

Probably some real biotech like AMGN -- don't think you have any real biotech firms in your portfolio.

To: Bill Wexler who wrote (5956)	1/10/2000 12:56:00 PM
From: JDN	Read Replies (1) \| Respond to of 10293

Dear Bill: I sat and watched the entire interview on CNBC regarding the AOL/TW merger, must admit, I was impressed. You mentioned Disney, wouldnt you think it would be NEXT to probably be snapped up by MSFT for their internet operation? JDN

To: Bill Wexler who wrote (5956)	1/10/2000 4:23:00 PM
From: Bill Wexler	Read Replies (1) \| Respond to of 10293

AOL......I thought about it.....staying long and strong.

To: Bill Wexler who wrote (5956)	1/12/2000 11:40:00 AM
From: Graeme Smith	Read Replies (1) \| Respond to of 10293

Bill, re: AOL & Time Warner My feeling of the merger is that it will create a phenomenal company, Time Warner gives AOL every media outlet it doesn't have, plus access to cable (mostly good but could make it more difficult to force AT&T to open up its lines), and extremely good cross promotional opportunies. I have only one fear, a big fear and so far one that doesn't seem to mentioned except in passing. Because AOL use purchase accounting they are going to have to take a charge to earnings of 150B amortised over the next 20 years. Thats $20B or $2 per share in earnings every year for the next 20. ie. They will probably never be profitable. This seems like a strange situation. On one hand, if they execute well their cash flow should be incomparable. Yet no matter how good this cash flow is they will be reporting negative earnings, even as they grow to be one of the worlds most profitable companies. I don't no how Wall Street will react, and I think this may be the reason for AOL's drop in the last few days. However I'm very surprised that it is not mentioned at all in any news wire I've seen. Am I missing something? Graeme