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Strategies & Market Trends : From the Trading Desk -- Ignore unavailable to you. Want to Upgrade?

To: steve goldman who wrote (1916)	12/8/1997 3:53:00 AM
From: Mike Morgan	Read Replies (2) \| Respond to of 4969

Steve, I too want to thank you for your insights here. I think you do a great service especially to less experienced investors. I'm pretty sophisticated but I still find it very interesting reading. I've just now joined SI so I couldnt postt before. One thing I cant for the lif of me understand is how you can pretty much accross the board condemn anyone using a discounter for the mere fact that they get paid for order flow. A friend of mine (also a sopisticated investor) e-mailed you on several occasions but was dissatisfied with your answers. You told him he was being penny-wise and pound foolish by using a disocunter that gets paid for order flow. You didnt seem to want to explain yourself when he pointed out that in out specific cases we cant for the file of is see how it puts us at a significant disadvantage. Especially with the new representation rule as well as the fact that we use several discounters and can route orders to MASH,HRZG,MHMY,ERNS,ISLD and selectnet as well as the exchanges for listed stocks. He also felt you were rather short with him by e-mail almost coveying a "do business with Yamner or screw you" attitude which you most certainly dont display here. As I've said we are sophisticated investors who know what we are doing, and while we agree that less sophisticated folks would likely benfit from using your firm,we cant agree that just because our broker gets payment for order flow we are absolutlety and unmistakenly paying too much Please go into greater detail regarding this if you would. While I've never questioned your character or credibilty from your posts here, your e-mail responses seemed unprofessional in that you suggested under any circumstances paying ZERO (or $8-12) commissions is being penny-wise and pound foolish. Again, thanks for your time here, Its greatly appreciated. I hope to get some other questions to you soon. Mike