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Non-Tech : Knight/Trimark Group, Inc.
KCG 20.000.0%Aug 17 5:00 PM EST

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To: Joseph Silent who wrote (3490)8/12/1999 2:27:00 PM
From: Joseph Silent  Read Replies (1) of 10027
 
Lee,

Regarding your comment about Burnham and CS First Boston. This whole
thing has been a real eye-opener for me. What I'm seeing is the following.
With advances in technology, the retail investor (and the day-trader) has
been making life difficult for Wall St. For example, Level 2 access, and
news on the web was not around some years ago. So, as the retail investor
has learned to be more sophisticated, and as the day-traders started to eat
Wall Street's lunch (don't let the media's negative sentiment on day-trading
fool you) Wall St has learned to adapt and look for new mechanisms to exploit
the public.

They use the very tools that we think of as our major advantages -- technology
and the rapid proliferation of information. That is why I am now wary of
analyst upgrades, news releases, and Cramer-style articles.

We have more to learn. That is for sure. I just wish the "small guys" could
get organized and put in a major educational and "let's help one another"
effort, but this seems awfully difficult to do. But I'm still optimistic.

Joseph :)
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