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Non-Tech : E*Trade (NYSE:ET)

ET 16.97

+0.4%

Jan 9 9:30 AM EST

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To: larry who wrote (2534)	3/13/1998 4:42:00 PM
From: Don Westermeyer	of 13953

Larry, Traditional brokers such as MER appear to be growing about 10%. They are much more sensitive to the direction of interest rates than sales growth. OTOH - They MER already makes $4.50/share. It will take E*Trade five years just to get there. I've never said EGRP was the worst play on the market, but if earnings growth slows or heaven forbid actually stalls, the P/E will contract to reflect that. With 30 million shares in the float, EGRP will never again be in the i-net momentum crowd. Don't worry, that will work to your advantage with AMZN, YHOO, etc. pop and trade on more traditional valuations.

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