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To: Ryan Bartholomew who wrote (741)	6/15/2001 1:32:03 PM
From: OverUnder	of 977

FWHT looks relatively undervalued. The problem with the comparison however is that there may not be room for more than one player in this niche and the stronger competitor will likely garner more of the growth and eventually all of the potential profits. I'm not a customer or shareholder of either firm but respect your opinion that FWHT has a better operation than GOTO's. Unfortunately, that may not be enough, especially if GOTO can raise additional capital. GOTO currently has more cash that FWHT's total market capital and more than 20 times the revenue and 10 times the number of employees. GOTO probably needs to streamline their operation and reduce their headcount to reach profitability but I agree with you too that this model is one that is slated for long term success. Overall, my opinion is that GOTO is definitely overvalued and FWHT looks fairly valued to possibly overvalued as well. - OU