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To: Bill Harmond who wrote (49411)	4/7/1999 8:38:00 PM
From: GST	Read Replies (1) \| Respond to of 164684

William -- why is it that the traditional retailers and communications companies have taken such a back seat in on-line business? ATHM's announcement today, along with many others that you have drawn to the attention of this thread, really underscores the power of this market. I am not giving up on being a valuation bear, but to call this an empty mania is to miss its power to transform the world we live in -- and on that score I think I have been wrong. The US is without any doubt the leader in this because it is a more open and competitive society and economy. For this reason, the rest of the world will experience a greater impact when the net becomes more truly global -- greater even than the impact in the US. This is a good thing. This is more than just about making money -- although obviously there has been incredible gains as a result -- (which I assume you know -g-).