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To: Bill Harmond who wrote (81013)	10/18/1999 2:41:00 AM
From: GST	Read Replies (2) \| Respond to of 164684

Bullroar he didn't say they are overvalued. He made it crystal clear that it is completely irresponsible to price stocks as if they are riskless -- which is what we have now -- all stocks, but especially the 'leaders'. Your margin reference is nonsense. This is meaningless. What he called for, and called for clearly, was for those who know better to stop going along with this circus of a stock market and to price them for what they all are -- inherently risky. And that is not even getting into the net stocks where risky does not quite capture their prospects -- potentially worthless comes to mind as a closer approximation.

To: Bill Harmond who wrote (81013)	10/18/1999 12:36:00 PM
From: Lizzie Tudor	Read Replies (1) \| Respond to of 164684

The banking/brokerage industry has already taken measures to protect itself from loan losses caused by a panic in Internet issues by dramatically raising margin requirements for stocks in the sector at the beginning of 1999. To my knowledge those stiff requirements are still in effect. Margin requirements seem to get stiffer every day. Early this year there were only a few stocks that were completely non-marginable. Dclk for example was 50% marginable, but amzn was not, yahoo was not. But now, almost all the IPOs I'm interested in never seem to become marginable at all. ICGE, arba, cmrc, iiji, agil... none of these are marginable at all for me at Discover... I'm fed up actually. I don't think there is any reason to make agil non-marginable.