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To: H James Morris who wrote (147495)	9/15/2002 12:51:40 PM
From: Glenn D. Rudolph	Respond to of 164687

"You could get the Fool prize for your clever move in staying out of the market while the buy and hold tech types got slaughtered. <vbg> " This is true although it was really clever but luck.

To: H James Morris who wrote (147495)	9/15/2002 12:53:19 PM
From: Glenn D. Rudolph	Read Replies (2) \| Respond to of 164687

"Now comes a new spate of e-mail messages from last year between two former analysts at Credit Suisse First Boston, Jamie Kiggen, an Internet analyst, and Laura Martin, who covered entertainment. The subject of the messages: the firm's coverage of AOL Time Warner in March 2001. In mid-March of that year, just after AOL and Time Warner merged, investors were growing concerned that the company would not be able to meet its aggressive revenue estimates of more than $40 billion for the year. An analyst at Merrill Lynch cut its revenue estimates, and Mr. Kiggen asked several associates, including Ms. Martin, to get together to discuss reducing Credit Suisse's estimates. On March 29, Ms. Martin replied by e-mail: "This may be one that you and I disagree on. I would NOT lower numbers on AOL, even though they can't make them." Ms. Martin goes on to suggest that the analysts focus instead on other aspects of the company's financial statements, like "options issuance value." That way, "we leave the income statement intact," she said, and avoid enraging the company, "and we don't waste time and energy focusing on what everyone else is focusing on." Mr. Kiggen apparently followed that advice. In May, he wrote of the firm's confidence in AOL's ability to deliver on its 2001 forecast. It wasn't until August that he lowered his estimates for the second half of 2001." nytimes.com