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When it comes to evaluating Internet deals, Larraine Segil knows what's real. One way is to ask Larraine Segil. She is cofounder of the Lared Group, a Los Angeles-based consulting firm with offices from Chile to China that develops strategic alliances. She lectures on the topic to thousands of executives around the world each year, and she teaches a course on the subject at the California Institute of Technology. The reasons for partnering and the capabilities needed to execute those deals are very different from the motivations and skills behind traditional alliances.