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To: Cary C who wrote (1251)	1/4/1998 6:29:00 PM
From: David Smith	Read Replies (3) \| Respond to of 2377

I agree with O'Neill that not all insider selling is an indictment of a company's prospects, though numerous academic studies have indicated that insider selling in general is an extremely important indicator of future stock performace. In the case of VVID, wouldn't you think it is important that an officer of the company sold EVERY single share he owned, the proceeds of which totaled over $300,000? That's more than sufficient to put braces on his kid's teeth or pay tuition. This occurred in June of 1997; Sergio, why do you consider this too far in the past? Only 12 weeks later, more insider selling took place, which you felt was significant enough to include in your research. Further, the fact that some institutional buying took place is less encouraging than the fact that NO insider buying has been reported. There was NO insider buying at all in October, when the stock price was down over 50% from it's high earlier in the year; indeed, an officer of the company was SELLING into the stock's decline. In my book, that's what is important.