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To: Sir Francis Drake who wrote (2825)	7/27/1999 1:15:00 PM
From: GS_Wall Street	Read Replies (1) \| Respond to of 10027

Moving towards the fundametal side and looking longer term, I have a model in which multiples are not expanding they are slightly contracting. Based on the following revenue and EPS projections I estimate that we are 25% below my "fair value". 5% qtr-qtr growth is still very very good in this economic environment. 7/27/99 3Q99 Rev 234.179 EPS $0.44 Projected Price $54.34 7/27/99 4Q99 Rev 243.177 EPS $0.46 Projected Price $57.02 7/27/99 1Q00 Rev 266.504 EPS $0.50 Projected Price $59.95

To: Sir Francis Drake who wrote (2825)	7/27/1999 1:18:00 PM
From: SJS	Respond to of 10027

I know the feeling. when I go to the crap table, people look at me funny when I play the "don't" side. they don't understand that I am not playing against them, the dice are independent of right and wrong bettors.

To: Sir Francis Drake who wrote (2825)	7/27/1999 1:35:00 PM
From: mnreddy	Read Replies (1) \| Respond to of 10027

Article section from WSJ. This is a cut from other board, I am not vouching the validity. Hopefully true. ___________________________________________ I didn't immediately see any comments on the WSJ this morning .Anyone read all that?How's this for a quote?: "Ten years ago, the U.S. had nine securities exchanges.Thanks to Reg ATS,it should theoretically have more than 20. <My note:a la Island becoming an exchange,for example> Almost everyone agrees that would be too many,and indeed there's an argument that investors might be better off if they merged into one since it would make it easier for a buyer to find a seller.Although the NASD acquired the American Stock Exchange last year, membership politics have regularly doomed mergers between markets. THAT COULD CHANGE FAST IF THE BIG BOARD AND NASDAQ CONVERT TO FOR-PROFIT ENTITIES,POSSIBLY UNLEASHING A WAVE OF MERGERS BETWEEN MARKETPLACES AND TRADING SYSTEMS. Jaws dropped at a March conference at New York's Baruch College when INSTINET's chief executive,Doug Atkin said,"those of you who are in ECNs,you better make money in the next few years,because it's a DEAD BUSINESS MODEL."Already,ITG and Bloomberg Tradebook LLC, an ECN owned by Bloomberg LP, are forming a super ECN to which they are trying to add partners.The Big Board hasd also explored assembling a super ECN to trade Nasdaq stocks under its own name. Similar trends are under way in other financial markets.Traders on Chicago's futures exchanges are nervously eyeing electronic intruders.Numerous systems are cropping up to trade bonds electronically.And the expected arrival of an electronic options exchange (the ISE)was a key reason that four options exchanges tried to merge into two in the past 14 months,though they failed. <This is just a small section of the article.Will try and post other sections,There is SO much.It is much more well written and much better researched than the recent Barron's article,IMO> --------------------------------------------------------------------------------

To: Sir Francis Drake who wrote (2825)	7/27/1999 3:38:00 PM
From: KM	Read Replies (1) \| Respond to of 10027

Have you noticed? It's stopped going down, even with this end of day raid on the rest of the nets. I had four good short scalps but I think I'll leave it alone now.