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Technology Stocks : BLUEFLY.COM(BFLY) -- Ignore unavailable to you. Want to Upgrade?

To: John Wilson who wrote (183)	1/15/1999 12:46:00 AM
From: marc l werner	Read Replies (3) \| Respond to of 487

Internet Fund adds BFLY to holdings. Per Ryan Jacobs, his mananger comments below. pls note his bullish comments on BFLY and views them as a full outlet mall beyond cloths. January 12, 1998 Dear Investors, Unabashed enthusiasm for internet-related stocks has continued through the holiday season and into the first week of 1999. This enthusiasm has driven internet stocks prices to high levels. At current pricing, we are having a difficult time being aggressive, even with some of our favorite companies. To protect the Fund's value in the event of a pullback, we have, over the last month, steadily increased our cash position. Additionally, we are concentrating on building positions in companies that have been overlooked in this latest rise. We are now entering the fourth quarter earnings reporting season and the likelihood of increased volatility is almost certain. While volatility can often lead to a higher degree of uncertainty, this particular period should assist us in accurately gauging the business performance of our various holdings in what was surely the most important quarter yet for internet companies. Bluefly, an off-price retailer of designer apparel, is the only new name in our revised top 25 holdings. By aligning with various portals, including Yahoo, Lycos, and @Home, Bluefly has staked its claim as a leader in the Web's "outlet" store category. Because it has a limited operating track record, Bluefly has not yet been accorded a market value commensurate with its vast business opportunity. Ryan Jacob Portfolio Manager The Internet Fund, Inc.