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To: Gary Walker who wrote (26897)	11/18/1998 11:54:00 PM
From: Jason Cogan	Read Replies (1) \| Respond to of 164684

Gary: Great post, except for one fact. <<To date, the only company that's made a decent profit directly from the internet business is AOL.>> To date, AOL has lost about $400 million through the years. And the money they are currently making is much smaller, essentially break-even, if you account for their shady accounting treatment of network savings and capitalized software development. They are however a fabulous marketing machine, both for themselves and the rest of the internut stocks. After all, people justify the outrageous valuations of AMZN and YHOO by saying, "well if AOL is worth $45 billion, then AMZN and YHOO must be worth..." It's a cycle that repeats itself over and over, continually helped by new crops of shortsellers. I agree that it will eventually end badly. But it's a formula that shows no signs of abating, making shorting a very dangerous game indeed. Regards, Jason Cogan