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To: Lizzie Tudor who wrote (21625)	8/3/2004 4:31:36 PM
From: Logain Ablar	Read Replies (1) \| Respond to of 57684

Lizzie: I haven't a clue as to the total advertising pie, whether it be internet, magazine, news paper, tv, etc. It can be $80 billion. Sure the internet side of the pie is growing but its taking share from the non internet more than the total pie growing. Google did do $1.5B in the 1st 6 months so sure the internet side can be greater than $8 billion (with all the competition its hard to think they have 20% of the pie). @ 329x trailing earnings (or 125x this years earnings (my guess assuming they only match the next 6 months with the last 6 in earnings but even if the next 6 is 20% sequential thats still 113x current year earnings) google is a little rich and one blip in its stellar growth and the momentum investors will leave and drive it down. Hey I don't fault the owners for trying to maximize value to the existing owners but from my perspective its out of wack from a valuation standpoint.