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To: Lizzie Tudor who wrote (16447)	3/14/2003 2:25:04 PM
From: Bill Harmond	Respond to of 57684

reuters.com

To: Lizzie Tudor who wrote (16447)	3/14/2003 2:36:15 PM
From: Bill Harmond	Respond to of 57684

14:26 ET GSPN GlobeSpanVirata downgraded at Thomas Weisel (4.24 -0.64) Thomas Weisel downgrades to Underperform from Attractive based on deteriorating growth prospects resulting from increased competition, pricing pressure for ADSL chipsets, mkt share loss, and slowing subscriber add growth; in addition, firm believes GSPN could lose share at UTSI, which may be moving designs away from GSPN in favor of other suppliers such as CTLM.

To: Lizzie Tudor who wrote (16447)	3/18/2003 2:23:24 PM
From: stockman_scott	Respond to of 57684

I received this in an email newsletter today...fyi... Univ. of Michigan and Texas break ranks: disclose venture fund returns Financial Times A handful of the best-known US venture capital firms made profits for investors of more than 100 per cent a year during the technology boom of the 1990s, according to figures made public for the first time. Among the biggest gains were scored by Kleiner Perkins Caulfield & Byers, Silicon Valley's most renowned venture capitalist, which notched up a 122 per cent annual return with its 1994 fund and a massive 287 per cent annual profit on its 1996 fund. However, venture funds that were invested at the peak of the dotcom bubble have so far shown only losses and most in the industry expect their ultimate performance to be negative. The early returns from these funds do not provide an accurate guide to their final results, since one or two big profits made in the future from initial public offerings or disposals can swing around the overall performance of an entire fund. The investment performance figures were released by the University of Michigan, which invests in the firms through its pension fund. The disclosures follow a heated debate in the venture capital world over whether such figures should be made public, since private VC funds have no requirement to publish information. Most also make non-disclosure a condition of investment in their funds. According to one big investor, who declined to be named, anyone revealing the data could be barred from participating in the best funds in future. Growing pressure on university and state pension funds has gradually eroded this silence, though, with the University of Texas breaking ranks last year to disclose data on the funds it invested in. The University of Michigan revelations follow a request from the San Jose Mercury News, the Silicon Valley-based newspaper, which has mounted a legal challenge to force greater disclosure. The figures demonstrate that the lion's share of the profits in the VC world have traditionally been made by a small handful of funds. That has led to intense competition among pension funds to gain access to the best performers. Besides Kleiner Perkins, these include Sequoia Capital, which rode the internet boom first with its backing of Cisco Systems and later through Yahoo. Sequoia's 1992 fund has returned 110 per cent a year, while its 1995 fund has made 175 per cent. The biggest gains of all were shown by Matrix Partners, with 516 per cent from a 1997 fund and 223 per cent from a 1995 fund. Funds raised in the mid-1990s recorded massive profits as they came to realise their investments at the peak of the boom in 1999 and 2000. The figures are based on internal rates of return, the measure used by the private equity industry to record performance.