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To: e. boolean who wrote (22846)	10/24/1998 8:24:00 AM
From: llamaphlegm	Read Replies (1) \| Respond to of 164685

William: Touche. That's why you're sometimes beloved here among the bears (and yes, you can come to our barbaque or we get to go to your 4th vacation home if amzn's stock appreciation continues at this rate, though you'll have to be magnanimous enough to fly us out there because we could not even afford greyhound!!!) Grimmie -- all I can say is GOOD MORNING AMERICAS ... TO BAD DAH PREZ BLAH BLAH BLAH ... william -- much as it pains me, i agree with OC -- what market cycle? instantaneous returns to nosebleed valuations does not a bear market make , partic for internet stocks on rates and amzn -- guess the only and i mean the ONLY company with a stock price that has appreciated well this year and junk debt outstanding -- just guess and btw, if you like the company, please by the damned debt -- it's 8% above US Treasury rates -- that's amazing and you get the put option on the company!!! YHOO reported blow out numbers and immediately sold off, though it's drifted back up ... we'll see LP

To: e. boolean who wrote (22846)	10/24/1998 3:21:00 PM
From: Glenn D. Rudolph	Read Replies (1) \| Respond to of 164685

So the Junglee/Planetall shareholders may have windows of only ten days per quarter to sell, they have to give three days written notice and then they must sell within ten days? Is this kind of thing standard? Not by a long shot. Glenn

To: e. boolean who wrote (22846)	10/24/1998 6:21:00 PM
From: Glenn D. Rudolph	Respond to of 164685

The Internet Capitalist SG Cowen Internet Research 2 Introduction Why “Capitalist”? The Internet is interesting and hip. It's also popular and cool. Unfortunately, recognition of these facts wouldn't have necessarily made you much money over the last few years. Indeed, an investment strategy based on these gleanings would have left you with a portfolio of Java, VRML, and “push” technology vendors. And though each of these might have created shareholder value on the margins, none would have compensated you for the risk inherent in Internet investing or for the opportunity cost of not being more fully invested in more profitable Internet themes. Our goal, then, with “The Internet Capitalist” is to identify and profit from the dislocations that the Internet has created for businesses and consumers alike. We start by asking three basic questions: Which companies have identified the revenue opportunities created by the Internet's growth as a consumer and business medium? Which have the skill sets and management breadth to execute against these opportunities? and Which have business models that will create substantial shareholder value over time? Our answers to these questions should help you capture the arc of our thinking in this industry as it evolves from a network for academics into a medium for the masses. Why “Companion”? We hope this piece asks as many questions as it answers, and generates as much debate as it satisfies (which we plan to include). Coupled with a user friendly layout, we want “The Internet Capitalist“ to stimulate and ease the investment decision. The mental framework with which we parse Internet investments is defined broadly and driven by a few relatively simple themes. Within this framework, however, there are multiple paths to generating superior, above- market returns. “The Internet Capitalist” is our attempt to illustrate those paths on an ongoing basis, determine the commonality among them, and suggest how shareholder value will be impacted and where it will flow. And though you'll find us to be bullish on the Internet sector generally, our expectations for these stocks are tempered by three realities. First, that the market remains relatively inefficient for these securities, which makes taking a substantial ownership position both difficult and costly. Second, valuation levels leave little to no room for errors of execution or strategy. Third, profits (or cash flow) matter; progress toward meaningful profitability is a necessary condition for an increase in shareholder value. With those caveats, we still believe investors can achieve superior returns based on a patient, disciplined, long term strategy toward investing in this sector. We hope “The Internet Capitalist” becomes an indispensable tool toward that end. The Week Macroeconomics Trumps Microeconomics We knew something was different, really different, about the market's behavior when Yahoo! (YHOO-Strong Buy) reported their September quarter results on October 7th, roundly (and rightly) considered a blow-out quarter, and the stock dropped the next day more than 10%. It wasn't simply an exercise in “selling the news”, since the quarterly results (and the magnitude of their upside) was, indeed, new news. The halcyon days of yore (for Internet stocks and the broader market), most certainly were over. In Yahoo!'s case, macroeconomics most certainly was trumping microeconomics. Amid all of the confusion let loose on the markets in the last few weeks (the Fed, the