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To: Stuart C Hall who wrote (1503)	3/8/2000 3:36:00 PM
From: Spytrdr	Respond to of 3070

oh, your message was too long. i just read the first sentence. could you sum it up in a few words, what this company does and why it's worth half American Express? ___ "If that's the best you can do, I guess you're undermatched for a battle of wits."

To: Stuart C Hall who wrote (1503)	3/8/2000 9:55:00 PM
From: Stuart C Hall	Respond to of 3070

CMGI getting on the wireless bandwagon.... 07:56 PM ET 03/07/00 CMGI plans expansion to new markets and regions By Nicole Volpe NEW YORK, March 7 (Reuters) - Internet venture pioneer CMGI Inc. on Tuesday outlined plans for financing the next stages of the Internet revolution, including wireless Web access and Web-enabling businesses, moving beyond its earlier focus on consumer Internet investments. In addition, a CMGI executive, which is known for its early backing of Web companies such as Lycos Inc. , said the company would make between one and three acquisitions per month during 2000 in hopes of capturing new hyper-growth markets. "We see more than 50 percent (of new investments) in wireless and broadband," Hans Hawrysz, CMGI executive vice president of corporate strategy, said in an interview following a presentation at a PaineWebber Internet conference held here. He was referring to the hot areas of providing high-speed Internet access over cable and phone lines and links to devices such as cellphones. Hawrysz said he was surprised at how recent fascination with wireless Internet access has eclipsed interest in high-speed Internet access as the hottest Internet topic. "One surprising trend is...how broadband has receded and mobile has come up to the front," he said. "Wireless has clearly taken over." Hawrysz said the company would also devote attention and investments toward online services that connect businesses to their suppliers and customers, an area expected to become much larger than current consumer-focused Internet businesses. "We see CMGI...as a competing force in this market as well," he said. Andover, Mass.-based CMGI has recently set out plans international expansion through strategic partnerships, to markets such as Asia, Europe and Latin America. CMGI will use partnerships with international heavyweights such as Compaq Computer Corp., the world's largest computer maker which owns about 17 percent of CMGI, in its bid to branch out, Hawrysz said. CMGI currently maintains a stable of some 65 companies, which collaborate efforts for growth in their respective markets. ((--New York Newsdesk (212) 859-1700))

To: Stuart C Hall who wrote (1503)	3/9/2000 8:27:00 PM
From: A.L. Reagan	Read Replies (1) \| Respond to of 3070

Stauart, Greg et al - glad you've done so well on INSP so far. Hope at these levels you've got your stops in place. INSP fulfills a useful purpose - they are the "new economy" version of the traditional wholesaler or independent rep, buying (or repping) from the product manufacturer (content providers), repackaging, and selling, or brokering to the retail chain (read dot-coms and wireless carriers), who sell to the ultimate consumers (us). Particularly in any developing market, this function has some degree of value. It is also a field that is fairly easy to enter and exit. There is an advantage to wholesalers who have "gotten there first" in terms of establishing relationships with the manufacturers and retailers. However, wholesalers are extremely vulnerable to pricing pressures from new entrants. It is important to understand where a stock lies in the value chain. For example, take wireless. Anybody who confuses a repackager/aggregator with a company with proprietary technology (like a QCOM) in the same tornado needs to have their head examined. Or if you confuse the QCOMs, PALMs, MSFT's, etc. with the retailers (Sprint, VOD, the BB's, etc.) The fact of the matter is everybody and his brother is getting in this field. Reformatting other people's content to work on WAP browsers and the like just ain't that hard technically. The INSP part of the business is basic pick and shovel dealmaking work - go to the content guys with your program, go to the wireless carriers, write some fairly simple conversion software, and shazam, the restaurant guide is on your cell phone or Palm. So, being an wholesale "infomediary" fulfills a useful function. However, the history of capitalism for the past hundred years has been that wholesalers just don't ever have sustaining margins. The world is not, in any sustaining way, going to pay INSP $25 billion for performing this service. So, as long as Naveen and crew are willing to run around brokering infomediary deals without taking too big of a "cut", the content providers and dot-coms or wireless carriers are more than happy to let him do it. They all have plenty on their plate already, and Naveen brings them "ready-made" deals, pre-packaged and gift-wrapped. And, even though he's really not developing any kind of sustainable proprietary margins, the stock price keeps going up and Naveen can keep doing what he is doing so well - make deals, issue PR's and watch the stock rise. But if any of you think that on a long term basis the world is really going to pay INSP the present value sum of $25 billion to perform this brokering/wholesaling activity, and if you hang around too long once this reality becomes blatantly obvious, you will be the folks trampled to death when the masses exit the burning theater. In the meantime, my hats off to you longs for having the cajones to stay in this house of cards. I would love to short the hell out of this stock on the fundamentals, but there's too many of you guys who keep buying and would eat my lunch. But, at the first sign that the bubble is bursting, INSP will be at the top of my list. (Hope when that happens one of you guys buys thinking it's only a dip, so I can get an uptick to short!) Disclosure: not an anti-tech curmudgeon - holdings include QCOM, ORCL, HOOV (pre-IPO), SUNW, WCOM, JDSU, GSTRF (ouch). Comments on INSP relate solely to current valuation versus its place in the overall value chain. Wish you all well. Be careful. The vultures are circling.