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Technology Stocks : Seagate Technology

STX 237.49

-1.3%

Nov 21 4:00 PM EST

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To: robert b furman who wrote (5652)	9/11/1998 10:04:00 PM
From: William Epstein	Read Replies (1) of 7841

Robert Furman; Bob I know you to be a pretty sophisticated guy. Are you being facetious? The average rate of return for a specialist operation on the NYSE is estimated at a steady 334% annualized. Even Microsoft doesn't make that kind of ROI. All but 2 specialist operations are now owned or controlled by the large brokerage houses through their investment banking operations. Therefore, they have access to unlimited credit. There is virtually, no risk for them, long term. Like a casino, they can lose occasionally but the odds are always in their favor. Also remember please, they are the NYSE. They can change the rules if it suits them to do so. It's a little like Congress's power to say an impeachable offense is whatever the decide it should be. It's private club. They can be as arbitrary as they wish. Do you really think anyone can make that kind of ROI, on a steady basis, in a high risk environment? The high risk is ours, not their's. William Epstein

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