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To: Bill Wexler who wrote (4445)	12/14/1997 7:19:00 PM
From: Bill Harmond	Respond to of 27307

What you're missing in the AOL comparison is adoption rates. Yahoo's rate of adoption is several times faster than AOL's was or is. It seems like yesterday, but I remember Steve Case presenting the AOL story at a Morgan Stanley conference in January, 1994, when AOL had 1% penetration. Household PC penetration was very low and modem-equipped computers were a fraction of that. Yahoo's foundation is much broader than AOL's was then, plus Yahoo has all of AOL's membership as a business opportunity. Now PC's are cheap, ship with modems, and there's not a soul on the planet who's not interested in the Internet. It's a different world from 1994. AOL and Compuserve paved the way. Yahoo is a backfill opportunity. That's why it's able to grow so much faster than AOL in its early years. It's also in the right place at the right time. E-commerce essentially didn't exist four years ago. This year it's taking off.