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To: Dale Baker who wrote (18044)	5/7/2000 5:16:00 PM
From: Madharry	Respond to of 118717

Each time i sold ALSC I made at least a 30% profit. I repurchased when the story got better and/or the price got lower. My last position I purchased at 18 purchased more after the conference call at 19 5/8. I agree with you in most cases about a 30% discount however the market value of of ALSC's investments had been in the 30s. If they are now reporting book of 20 and change it must include a substantial reserve for taxes. By my figures right now there is no value placed on the company's business or its venture capital investments and no premium for the quality of its management. General market conditions aside hard to see anything but upside from these levels. A similar investment I have made recently is CEGE. Details on CEGE thread. For a long time you could have purchased Vocaltec for less than the inferred value of its stake in ITXC. I owned it at 11 sold it for 15. failed to repurchase it at 9 and it subsequently went as high as 40. Purchased it recently for 13 1/2 and sold it for 18 and change a week later. A company called TCIVA was selling at a huge discount to the value of its public holding, with no value given to its holdings in PCS SPrint which was a private company at that time. I made about 40% but could have made much much more had I held it longer. The list goes on and on.