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Technology Stocks : PSIX up 26.5%, Takeover(?) -- Ignore unavailable to you. Want to Upgrade?

To: Randy Tidd who wrote (2102)	3/3/1998 3:12:00 PM
From: David N. Kunkel	Read Replies (2) \| Respond to of 5650

Dear Randy, Saw your message, and it leads me to make a comment or two, if you don't mind. I like your objectivity, though some of your judgments may deserve a little questioning. For example, you state that PSINet's strategy has not "panned out". Don't understand. For example, we have continued to grow significantly. We are getting a good share of the market, based on both customer numbers and revenue growth (including the per-customer revenue number improvement, showing we're getting the top of the market). If you define success as profitability, well, ok. Let's look at the facts. It took AT&T years (30?) to become profitable, because they were building and cobbling together a continental network. PSINet is building a global network. Other (e.g., regional) companies with lesser scope are becoming profitable sooner. It makes sense. But, you should understand that as our business segments mature, they become profitable. For example, our U.K. and Japanese companies, which are our most mature international companies, have reached the stage of being EBITDA positive/profitable. Our U.S. corporate business is EBITDA positive, if measured on its own. The issue is balancing global growth with positive bottom-line results. We are spending every ounce of effort in doing just this. I would hope that you and others, who justifiably want to see a successful business, understand the dynamics here. Also, you should see if you can find a similar business that is doing as well as PSINet. I would challenge you to find out the similar metrics on UUNet, Netcom, Bell Atlantic, AT&T, BBN, or anyone else with whom we regularly compete. Ask them about customer growth, churn, revenues, EBITDA, and the like. I certainly agree with your statement about not letting your emotions guide your decisions. Regards, David Kunkel

To: Randy Tidd who wrote (2102)	3/6/1998 10:14:00 AM
From: Teknvstr	Read Replies (1) \| Respond to of 5650

<<Or, as they say, don't fall in love with a stock and let your emotions guide your decisions.>> Randy, I think that you have let your emotions get in your way here. You fell in love with the stock at the wrong time. Now you're falling out of love with the stock at the wrong time. That's about all I can tell ya. Anything negative you can say is already more than factored in. This stock is going up. Either agree with me, and bet on it, or don't and don't bet on it. It's that simple. Good Luck whatever you do.