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To: Winter who wrote (3726)	5/1/1998 3:36:00 AM
From: Tie Zeng	Read Replies (1) \| Respond to of 164684

AOL's assets are not their hardware. That is the most east things to reproduce. The hardware is cheap comparing to their market caps. There are many ISPs out there. Before AOL become large, there are much larger "ISP" out there. Just hardware alone, AOL should be dead long time ago. They built their hardware after they were successful. Yes, it is more expansive to reproduce AOL''s hardware. But it is not much when you take the market cap into account. The most valuable part that is hard to reproduce are its contents.

To: Winter who wrote (3726)	5/1/1998 3:48:00 AM
From: Tie Zeng	Read Replies (2) \| Respond to of 164684

I want to make my original point clear. I meant while the barrier of entry is normally a factor in considering a stock, it might not be the case here. AOL defeated its much bigger competitors like CompuServ to be the king. The barrier of entry was not an issue. There were quite a few competitors already. YHOO is the same. There are already a few competitors . And it still keeps a level above the other competitors.