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Non-Tech : Knight/Trimark Group, Inc. -- Ignore unavailable to you. Want to Upgrade?

To: Wally Mastroly who wrote (3703)	8/30/1999 5:42:00 PM
From: Gary Korn	Respond to of 10027

Wally, from that URL you posted (SunAmerica Mid Cap Growth Fund): An Internet derivative? One of your more interesting and quirkier holdings is a company called Knight/Trimark (NITE). Are you still buying it at these levels? Yes. The stock is kind of a derivative play on the Internet boom. What they do is make markets for online broker dealers. Their biggest customers are the E*Trades (EGRP) and the Ameritrades (AMTD) of the world. The online brokerage companies outsource their market making activities to companies like Knight, which has the scale to deal with these trades. The bigger they get, the better they get at it. A lot of these online trades are for 100- and 200-share lots. The brokerage firms are not finding it a profitable business and don't have really good systems in place. Knight really was the first mover to act on that opportunity and they've built a very profitable business. There are only a few analysts on the Street that cover the name, and I think that the earnings estimates out there on them are too low. moneycentral.msn.com Gary Korn