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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Madharry who wrote (8134)	9/2/1999 10:24:00 AM
From: Wallace Rivers	Read Replies (2) \| Respond to of 78842

Armin: on the same note as NITE, SWS may be attractive at these levels. Has a good sized equity ownership of NITE - trades at a (relatively!!)modest multiple, well managed outfit IMHO. Have no current position in either stock.

To: Madharry who wrote (8134)	9/2/1999 10:31:00 AM
From: Ron Bower	Read Replies (1) \| Respond to of 78842

Just took a position in CMDC. Would be interested in comments. Funds have been selling out of it driving price down. Has gotten to BV, 6+PE with 30+% sustainable growth. Can't tell if the funds know something or are getting it off their list. It's created a buying opportunity or there's something I can't find. Ron

To: Madharry who wrote (8134)	9/3/1999 1:48:00 AM
From: Shane M	Read Replies (1) \| Respond to of 78842

Armin, What is your take on the level of competition in the market making business NITE is in? It seems that almost every other week a new competitor comes aboard, many of them ECNs. While I like NITE and would like to jump aboard, I can also see a plausible case where margins collapse. NITE downplays alot of the competition saying that NITE makes their money on the more illiquid stocks that need a market maker, but I can't help but think someone will devise a very efficient trading system (similar to the ECNs) to cut out alot of the bid/ask spread that is NITE's bread and butter. Thanks for any comments. Shane