SIEB Siebert Financial Brokerage Message Board

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Technology Stocks : SIEB Siebert Financial Brokerage

SIEB 2.665

-6.2%

Nov 6 3:59 PM EST

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To: Sun Tzu who wrote (168)	2/13/1999 9:24:00 AM
From: nord	Read Replies (1) of 284

I respectfully disagree with your assesment (3) This is a cut throat business that hardly anyone makes money in it. If it gets proven that you can make big money on as an E-brokerage, why can't the bigger, richer, more influential, houses with more resources crush SIEB, JBOH, NDB, and even AMTD? NDB and SIEB are both making money. The number of investors going to on line e trading is growing daily taking business from full service brokers. While margins are smaller the volume of trades and growth in assets under brokerage growth is phenomenal. Add to this mix the EGRP phenomenon where they plan on building a one stop e commerce site for ipo bonds loans insurance etc. it is clear to me that the valuations of the second and third tier [size] e brokers has not begun to approach there growth potential and equally important their buyout value. Currently EGRP is spending over $300 to get a new account. The traditional full service brokers are beginning to face the music..people aren't going to pay full commission for the right to trade. ML and PW just announced limited on line startups. This sets the stage for consolidation in the e broker industry. To buy exisiting accounts and the technology is much easier and less costly than recreating the systems. The other feature which I think has yet to be factored in is the bank etrade option. Like TD owner of Waterhouse the bank has reaped tremendous value for its investment. As the big banks have all developed full service financial services including money management it will be a natural for BOA F. Union and other large regional and national banks to need to offer this capability to compete with the likes of EGRP. Valuation based on current pe does not factor the accelerating growth or takeout potential that NDB and SIEB offer..not to mention that they are making money now. Norden

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