We believe Yahoo! will remain volatile until it can prove that its online ad model can evolve in this new, more difficult environment.

We are hopeful that the company will lay out more conservative guidance for 2002 as a means to rebuild credibility with investors.

Furthermore, eBay -- which has held up relatively well versus other leading Internet companies -- has little valuation support.

We continue to believe Amazon's valuation remains ahead of the size of its opportunity.

While they have made impressive progress, we believe that the sales cycle can be as long as two years given the inertia inherent in many large marketing organizations.

While only 10 percent are considered 'financially troubled,' virtually every Internet company we have come across is tightening its belt. Clearly, the company has a lot of work in front of it.