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Strategies & Market Trends : Bill Wexler's Profits of DOOM -- Ignore unavailable to you. Want to Upgrade?

To: Bill Harmond who wrote (101)	2/24/1998 2:00:00 AM
From: George T. Santamaria	Read Replies (1) \| Respond to of 4634

>>>>How long before you think all those households will be able to sign up. (response #2) Got it in my neighborhood. I know of a subcontractor for a baby bell who has dumped his ISDN connection for @Home. His client isn't too happy. All reports are positive. Dial-up service seems to stink most of the time. This is one dangerous short play!

To: Bill Harmond who wrote (101)	2/24/1998 4:05:00 PM
From: David A. Stern	Read Replies (1) \| Respond to of 4634

William, Interesting thoughts re: ATHM. I am forced to do some math on your numbers. Without checking last 10Q, I am going to guess that their revs were something like $3 mil. At 100% quarterly growth and the current stock price, we should be at a Price to Sales of a modest 8:1 in, say, 7 quarters. Now, that's if they are foolish enough to want to grow their company at 100% per quarter into serious revenue land. Where do you see the rubber hitting the road and what will the revenue mix be? Is there profitability somewhere out in the distance for a company that is selling what will be a commodity product within 2 years? Or are you saying that T is going to step up and pay the $4.3 bil nut for this company? I am a fundamentals guy looking at over 1,000x sales and laughing hysterically! Honestly interested in your take, David