I've followed all of these companies.

Three years ago, nobody took the Internet seriously. We're in it for the long term.

I think everybody has been surprised at the speed of evolution we've seen in the sector. Usually new technologies take quite a while to catch on. The Internet has really changed the rules.

Software.net has the potential of being a leader in this space and there are clear comparisons to Egghead.com, and also to some of the online companies that sell CDs. They're really not that much different.

I think we've had a tremendous run. I mean Nasdaq had a terrific year. A lot of the Internet names that we hold in the fund had terrific years and quite frankly I think going forward it's going to be more challenging.

Really, the Internet is broader than one sector. We're going to focus on companies that focus the least on technology. Tech companies just are not attractive. They are too competitive, and they have predatory pricing.

We're focusing on companies that will be long-term players on the Internet.

In 1999, we'll see more consolidation activity as leaders gain more scale.