STOCK RESEARCH TICKER: BY ADTRADER

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INTERNET and INNOVATION
INDEXES & INVESTMENTS

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The Internet is such a vast subject that we have three related pages addressing this subject.

This Internet and Innovation Page keeps track of indexes for ground-breaking companies and tries to help you find innovative companies which are worthy of investment. Our Cyber Exchanges Page tracks the new technical developments in on-line investing. With the rise of ECNs we will see new stock exchanges. There is the prediction of increased global investing. Day trading (for better or for worse) has already changed investment patterns. Soon, 24-hour trading will shake up the investment community even more. Our cyber page tries to keep abreast of developments. In addition, visit our Venture Capital Page! We predict that, frustrted by the inability to get a share of Internet IPO's, investors will turn to the new breed of publicly traded Venture Capital Funds!

Evaluating Investments in the Internet and in New Technologies

Investing in cutting-edge technology stocks can be a romantic but risky business. Here are some suggestions we've read in recent articles on trying to evaluate Internet investments.

• When it comes to the Internet, invest in infrastructure companies. This segment of the industry will probably continue to grow regardless of the success or failure of far-out dot-coms using it.
• Evaluate the company finances the old-fashioned way. Is the company profitable?
• If the company is not profitable, are losses shrinking steadly while revenues are growing at an ever-increasing rate? If so, you can chart a point at which the company will become profitable. Will they run out of cash before that point?
• Does the company have an idea or service which is truly in demand? If so, do they have a copyright and/or have they developed a business which is not easily duplicated?
• Has the company entered their field early enough and in a large enough way that they can withstand competition? Or is there a traditional bricks-and-mortar company which will decide to do the same thing and put them out of business?
• How much is the company paying to obtain each new customer and how much will that customer spend? Obviously, if the company pays more to obtain each customer than the customer will ever spend, this is a losing proposition.
• Has the company given adequate thought (and budget share) to distribution and fulfillment and customer service?
• Is the stock already wildly overvalued?

Indexes

There are a growing number of specialized indexes based on new technology stocks. We are not attempting to rank them in terms of validity. The oldest is probably ISDEX.
Also, you may wish to try the free sign-up at NetBulls.com to view their Internet Newsletter, which summarizes several of the Internet indexes.

Below is the list. We're linking you to the Home Page of the company producing the index, since these sites reorganize often and specific links disappear.

• Wired Magazine's Internet Index (WIRED)
• S. G. Cowen's Internet Index
• CBOE Index (INX) -- produced by the Chicago Board Options Exchange
• GSTI Internet Index (GIN) -- produced by Goldman Sachs
• CNNfn's Internet Stock Index
• Netbulls 50 Index (NBX50)
• R.O.B. Net Dex -- by GlobeTechnology.com. US and Canadian companies.
• Hambrect & Quist's Internet Index (HQINET)
• internet.com's Internet Index (ISDEX)
• Dow Jones Composite Internet Index (DJINET). This is a direct link to the index. Within this index are the DJ Internet Commerce Index (DJIECOM) and the DJ Internet Service Index (DJISVC). If it goes dead, try simply going to www.dowjones.com/ .
• The Street's Internet Indexes They have three indexes: Internet Index (DOT), E-Commerce Index (ICX), and E-Finance Index (XEF).
• @Net Index (IIX) was developed jointly by Interactive Week and AMEX
• Internet 100 Index by USA Today
• We have not yet found a direct link to the SSB "T" Series Internet Index by Salomon Smith Barney .
• Next Wave 100 Compiled by Next Wave Stocks, a div. of ChangeWave.
• Pegasus Internet Index Compiled by Pegasus Research Int'l., LLC

Internet Lists and Model Portfolios

These companies do not show a true Index, since figures are not sumarized. However, they offer lists and charts of Internet companies showing their stock movements. Again, we're linking you to the Home Page of the company producing the index, since these sites reorganize often and specific links disappear.

• CBS MarketWatch Internet List
• Motley Fool NetList
• Street Force's PurePlay Internet Portfolio This group of companies is being tracked as a model portfolio for educational purposes.
• Internet Stock Channel Internet.com tries to offer a complete list of publicly traded Internet companies on this "channel". Obviously the list is constantly growing.
• MarketSigns offering many Internet Stocks statistics such as "Cash Reserves", "Over Bought Stocks" "Stocks Profit Margins" and much more.

Mutual Funds Stressing Internet and New Technology Companies

As with any type of mutual funds, some of these perform better than others. Do your own research. Since some of the funds listed here are index funds, you may be interested in reading the article Internet Index Funds Are Stretching the Concept of Indexing which appeared in the Business and Finance section of "SF Gate" (the online San Francisco Chronicle). If that site reorganizes and the article disappears, here is a text version in which the links may no longer work.

• Wired Index Fund (based on "Wired"magazine's Internet index) and & investment.com Index Fund (GFINX) (based on the ISDEX) run by Investec Guinness Flight
• OTC Growth Fund and Equity Index Fund by Wells Fargo.
• Equity Analysts' Internet Fund
• Internet Fund (WWWFX) run by WWW Advsors, Inc. -- started in 1996
• PurePlay Internet Fund (no ticker symbol) run by Stock Jungle .
• Visit Kinetics Funds -- They have several funds (such as WWWEX,WWWGX,WWWIX)
• At Munder Capital -- their "NetNet Fund" (MNNAX) is closed, but read about their subsequent "International NetNet Fund".
• Analysts Internet (no ticker) run by Analysts Funds.
• Enterprise Internet (EIFAX) run by Enterprise Group.
• Firsthand e-Commerce (TEFQX) run by Firsthand Funds.
• Goldman Sachs Internet Tollkeeper (GITAX) run by Goldman Sachs.
• ING Internet (INGAX) run by ING Funds.
• Jacob Internet (JAMFX) run by Jacob Asset Management.
• Potomac Internet Plus (PNETX) and Potomac Internet Short (PNTSX) run by Potomac Funds
• RS Intennet Age (RIAFX), RS Emerging Groth Fund (RSEGX), RS Agressive Groth Fund, etc. run by RS Investment Management .
• Strong Internet (SNETX) run by Strong Funds.
• United Select Internet Fund (no ticker) run by Unified Funds.

For a list of the top 50 Technology Mutual Funds plus articles on Internet Funds, visit Technology Investor Magazine .

For a list of Top 10 Trends and a list of Top 100 Innovators, visit Red Herring Magazine .

News, Magazines, Discussions, Opinions, Data

• Internet Indicators
• Internet.com
• InternetNews.com
• Internet Stock Report
• NetBulls.com
• 123 Jump -- Look for their section on Internet Stocks.
• Cyberstocks (by Hoovers)
• OTC Internet Stocks
• Wired Magazine
• Silicon Investor
• Tech Stock Investor
• Technology Investor
• Red Herring
• ZDNet's Interactive Investor
• The Standard -- Intelligence for the Internet economy.
• Pegasus Research Int'l., LLC -- a leading independent Internet research firm with international expertise. Read news, statistics, and their Internet Index at their site.
• E-Commerce Times E-business and technology super site.
• E-Company Now Internet commmerce magazine.
• Fast Company New economy company magazine.
• Internet Investing -- guide to stockbrokers, including after hours trading.
• After Hours Trades
• Stocks On The Web
• Internet Stock News
• Internet Day
• Internet Capitalist by S. G. Cohen
• Net Stocks
• Tech Web -- Look for their news on Internet stocks.
• Money and More -- Look for their high tech news and analysts.
• Web Finance Magazine
• Andersen Consulting -- a leading consulting firm which offers Dot-Com Launch Centers, sponsors the Fortune e50 List, and offers insight into the new economy at its website.
• Next Wave Stocks -- a website offering news, commentary, data and analysis.
• Change Wave
• Webring.org's High Tech & Internet Sites -- a webring consisting of several smaller, specialized websites dedicated to high tech and Internet investing..