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

ET 17.35

-0.6%

Jan 16 3:59 PM EST

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To: fut_trade who wrote (3451)	8/3/1998 3:03:00 PM
From: Oeconomicus	Read Replies (2) of 13953

Peter, I forget - are you back in or waiting and watching? I'd agree that a bear market would significantly hurt growth, but EGRP is very well capitalized now and, with a broader business than just amateur daytraders, they should weather the storm better than other online brokers, IMO. The capital base should limit the downside as price-to-book comparisons to other brokers, even if they all fall considerably, make EGRP look relatively cheap. Here's a current comparison to some other brokers - online, discount and full service (based on proforma BV of about $12 after the Softbank investment): AMTD 10 SCH 8.5 TROW 7.4 MER 4 MWD 4 PWJ 3.3 DLJ 3.1 FBG 2.7 RJF 2.6 AGE 2.5 EGRP 2.2 BSC 2 IJL 2 NDB 1.3 JBOH .7 Average 3.75 I'm comfortable. Bob

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