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To: David Smith who wrote (1877)	12/14/1997 7:44:00 PM
From: funk	Read Replies (1) \| Respond to of 12617

Christopher, when it is convenient for you, could you just give a general synopsis or what your job entails? Without writing a book or anything could you just in SIMPLE TERMS shed some light on your day to day work. Do you hold small investors in contempt? Do you rarely even think on those terms? Is it all just paper? I'm curious what part of your work is the most challenging for you. Christopher welcome to the thread. AE

To: David Smith who wrote (1877)	12/14/1997 7:57:00 PM
From: Richard Estes	Read Replies (1) \| Respond to of 12617

Thank you for your kind words. One of my rules is try and stay away from anyone in the "business" or their suggestions. I am sure there are talented people with a inside picture of internal working. The picture is usually made to be rosy, houses don't like to see it any other way, and most spokesmen realize this. It might be interesting information but not something to trade off of. It stills boils down to Price and volume, I never place anything but limit orders at a price I want to pay at the time, while deciding on where I would sell. Trying to outguess the MM, just adds an external. It is not a personal thing of course with you or others. I feel it can dilute the attention paid to the measures of price movement to move to a rosy picture and make decisions based on it. In topics like this that stress "day"trading, the externals should be cut to a minimum.