Knight/Trimark Group, Inc. Message Board

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Non-Tech : Knight/Trimark Group, Inc.

KCG 20.00

0.0%

Aug 17 5:00 PM EST

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To: Bilow who wrote (3330)	8/10/1999 1:58:00 AM
From: Sir Francis Drake	Read Replies (2) of 10027

Carl - yes, that is age old wisdom. And largely accurate. Though it has been refined to "brokerage stocks go down more strongly in down markets, and rise first in up markets. One of my big plays last year was buying LEH at what turned out to be rock bottom. LEH was unjustly plagued by a false rumor originating in London that they were going out of business. I sold MER when it hit over 100 last year - and I held it for several years, but I decided that it no longer fit with my definition of a good investment (I grew disenchanted with Komansky). So, I started looking around for a replacement, and I focused on LEH. I couldn't believe the carnage. At a certain point LEH was trading at a p/e of less than 4. I was tracking it very closely, looking to make a big buy - when the price dropped below 23, I finally jumped in. That was when AG cut rates, and LEH had a super-sharp reversal and was one of my most "clean" and satisfying plays. I still own LEH today. Incidentally, LEH was up on Monday, as was MER. Morgan

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