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To: Larry S. who wrote (19767)	4/6/1999 7:44:00 AM
From: Larry S.	Respond to of 53068

Reports WCOM is in talks to acquire NXTL which is a Z position. I likely will sell the Z position (entry 26.50, closed Monday 39 3/8)) if we get a nice bounce on this takeover news. larry

To: Larry S. who wrote (19767)	4/6/1999 8:17:00 AM
From: Ron McKinnon	Read Replies (3) \| Respond to of 53068

ok, I admit it, I'm old and out of sync with this "new reality' Larry, you are old also, but have adapted; I guess i'm going the way of the dinos while you live long and prosper I keep looking at stuff based on years of "classical" training; should throw that book out the window someone on mirc keeps saying "it's the stock stupid, not the company" he is right; for now at least a few examples NTBK and TBFC both are "internet banks" what do they do? offer on line checking accounts, home mortgages, credit cards; C/D's at a higher rates than your local bank but I look and say that most big banks offer on line banking I ask just how many people will use the net instead of a bank down the street and how many net users will put their cash in c'd's in any event so why are these stocks up 1000% in the last 6 months? why do they trade at 11 and 23 times book value when traditional banks trade at 2.5-3 times? why do they have P/E's at 125 and 500 times earnings/? CUST this company was in some business last year then they sold all their businesses balance sheet shows about $5.50 in cash, no revenues in the fall they said they would go into the music business (C/D's) the wave of the future just a few months later they say that business is dead so they scrap their plans now they are "developing" some new internet paynent system will be ready in the fall so we have a company with a book of maybe $6 no business at least 5mm in options out at very low prices but the stock goes up, up, up from 10 to 20+ in two weeks TRAC in the financial data business revenues falling earnings suck looking at the balance sheet they are close to bankruptcy almost out of cash no tangable net worth so they say that this month they are going to go into the on line brokerage business and the stock goes from $3 in Dec to $27 yesterday I look at this stuff and shake my head can I adapt to this? don't know