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To: james ball who wrote (7735)	9/24/1998 1:59:00 PM
From: Dennis J.	Respond to of 34811

Tom Dorsey Is there a place online to view the article, or a summary of it? Can you give us a link? Dennis

To: james ball who wrote (7735)	9/24/1998 2:02:00 PM
From: TradeOfTheDay	Respond to of 34811

Not one for the book ...but just a comment A little self-serving , wasn't it ? Two years ago, most of the big firms were saying on-line trading would never affect them - it's just those "<sniff> DAYTRADERS" . A few months ago Cramer said that full service brokers better wake up and smell the coffee. Now , within a short time of announcing decreased earnings and potential layoffs, they come up with this ? the tide is turning... it's time to wakey,wakey.

To: james ball who wrote (7735)	9/24/1998 2:42:00 PM
From: HighTech	Respond to of 34811

When I read that article, my first impression was, what an arrogant guy Mr. Steffens is. He said: "The do-it-yourself model of investing, centered on internet trading, should be regarded as a serious threat to Americans' financial lives. This approach to financial decision-making doesn't serve clients well and it's a business model that won't deliver lasting value." LOL The article says: "He has even compared discount online trading with gambling, saying that making 20 transactions a year in small portfolio - the norm at some Internet houses - 'is like going to Las Vegas and betting on black or red.' Seems to me he is saddened that so many people can live without someone holding their hand when it comes to making investment decisions. These guys really are starting to believe their own BS. They think only gamblers and the uninformed masses don't need their wonderful services. Make me puke now!! Transaction costs can eat you alive at places like M/L and more and more people are realizing that they can do better than these high and mighty gurus on their own at much less cost. Enough already! HiTech

To: james ball who wrote (7735)	9/24/1998 2:55:00 PM
From: Dipsey	Read Replies (1) \| Respond to of 34811

Tom D. Without having had an opportunity to read the article, yet. - It sounds as though they re paraphrasing a long ago comment from General Bullmoose. On the face of it: Merrill's objective is to generate returns for Merrill, and the investor is the vehicle. Losing investors to independent online trading is to lose income. I do not have access to pertinent data, but I would venture a guess that the average online investor has fared better than the average Merrill investor, especially in a down market. Regards, Dipsey