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Non-Tech : Friedman, Billings & Ramsey (FBR) -- Ignore unavailable to you. Want to Upgrade?

To: AmericanVoter who wrote (136)	7/27/1999 3:46:00 AM
From: swiss	Respond to of 173

Cramer From TheStreet.Com speaking at the FBR tech conference: Cramer's Online Brokerage Speech, Part I By James J. Cramer 7/26/99 7:56 PM ET Editor's note: Today in Reston, Va., Jim Cramer spoke at the Friedman Billings Ramsey 4th Annual Technology Investor Conference. We'll be running the text of the speech in four parts over four days. Here, the first installment. From my turret as a hedge fund trader and Internet columnist for TheStreet.com I have a fabulous perspective into the havoc the Net is wreaking on corporate America. All day long I hear about people who "get" the Net and "don't get the Net" -- as in Dell (DELL:Nasdaq) gets the Net but Compaq (CPQ:NYSE) doesn't. Or Jack Welch hasn't figured out the Net yet, but John Chambers gets it. Nobody, however, has ever really put into English what getting the Net or not getting the Net means. Let's change that with this speech. I want to talk about the Net in the world of financial information and brokerage. I have to tell you that when the Net is finished with these businesses, you won't recognize them. And I want to explain to you why it will lead to the destruction of virtually every certain profit stream, when it could lead to precisely the opposite conclusion, if someone would just recognize the changes that the financial industry is undergoing because of technology. You may have heard the phrase "wake up and smell the coffee." Well, with these guys, it is wake up and smell the formaldehyde. For continuation, see link below: thestreet.com