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To: Steve Robinett who wrote (332)	4/21/1999 11:44:00 AM
From: Chuzzlewit	Read Replies (1) \| Respond to of 419

Steve, I pretty much agree with your comments, but I would like to add two points. To be fair, there are some distinct advantages that the e-tailers enjoy over most other businesses which leads me to believe that they do indeed have a unique business model. The most important advantage is phenomenal cash flow provided that the top line is growing. If there is also a decent profit margin you can have a prodigious business capable of being a cash cow even as it is growing rapidly. I think the real issue, so far unstated, is the assumption by some investors that the internet revolution will cause many "brick and mortar" retailers to fold tent (mixed metaphor, but what the hell) and leave town. In addition, the lack of retail branding means that advertising will become more important, and maybe the failure of traditional retailers will be the catalyst to begin the exponential growth of revenues. I doubt it, but it is possible. Thanks for your excellent comments. I am very, very cautiously long AOL (I sell covered calls every month, and won't cry if my stock is called). TTFN, CTC