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To: John Stichnoth who wrote (22616)	4/13/2000 12:14:00 AM
From: Mike Buckley	Respond to of 54805

Noah, About the great conversation you and John are having regarding analysts. Don't forget that analysts don't make a serious attempt to predict revenues and earnings more than one year in advance. That's proven by the fact that they adjust their estimates continually as each bit of news-worthy information becomes apparent. In the growth companies we follow on a regular basis here, the likelihood that estimates for FY2001 will not be higher one year from now is at best a remote possibility. The point I'm trying to make is that we need to appreciate at least the direction of the changes the analysts are likely to make in advance of when they make them to have an idea about the fair value of a stock. --Mike Buckley