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Technology Stocks : Qwest Communications (Q) (formerly QWST) -- Ignore unavailable to you. Want to Upgrade?

To: Glenn Norman who wrote (2929)	2/14/1999 11:05:00 PM
From: Urlman	Respond to of 6846

Hot Off the Press from Ryan Jacob's Internet Mutual Fund February 15, 1999 Dear Investors, Although it has been only a month, much has transpired since our last written comments. We feel very fortunate to report year-to-date gains of over 39%, considering the tumultuous environment for Internet-related companies. This volatility has been especially intense over the last few weeks, as various news events have driven large short-term price swings throughout the sector. From a fundamental standpoint, we have been very pleased with most of the 4th quarter operating results posted by the companies in the Fund. This has given us more confidence in building our positions in existing holdings. Additionally, we have been especially diligent as of late in evaluating possible new names to the Fund, as this recent volatility has created opportunities to invest at more attractive price levels. Most notably in the last month, two of our top holdings (Geocities & Excite) were recently acquired at premiums of over 50% from their previous closing prices. However, another of our top holdings, Lycos, announced a merger with USA Networks, which was not received well by the investment community. Due to both the valuations placed on the various businesses in the proposed combination and our concerns that the vertical integration of these businesses will result in slower growth and reduced margins, we are no longer holders of Lycos shares in the Fund. There have been some other significant changes in our top holdings since our last update. We have changed our opinion regarding Ebay since their IPO last fall, and now include it as one of the top positions in the Fund. Suprisingly, our initial hesitation to invest in Ebay was not due to valuation, but rather their ability to charge sellers commissions in the face of increased competition from ad-supported competitors. With clearer indications that Ebay is not losing market share (and may actually be gaining somewhat), we are more confident now that our original prediction will not come to pass. Given that the person-to-person commerce market is not subject to the same price competitive dynamics found in other areas, we believe that Ebay can retain their leadership status and sustain profitable growth well into the foreseeable future. Finally, we have also added a new sub-sector to the Fund that includes companies that will represent the most advanced telecommunications networks in the next century. Although most of these companies are still in their build out stage, such as Qwest Communications and Global Crossing, they will be advantageously positioned to compete against the incumbent carriers in the U.S. and abroad. Ryan Jacob Portfolio Manager The Internet Fund, Inc theinternetfund.com . ------------- ********* Urlman killpopradio.com

To: Glenn Norman who wrote (2929)	2/15/1999 10:39:00 AM
From: jelrod3	Read Replies (2) \| Respond to of 6846

I visited the QWEST website, and found it to be lacking in info...no where on the site can you find a list of local access numbers and whether the number supports the v.90 56k modem standard. Compare the AT&T Worldnet site to this, and you see how the QWEST site is hurting. Also tried to get thru to a customer rep, but never could and was basically put on hold for 20 minutes... Why switch if you are not sure that you will have a local access number???