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To: Michael Berkel who wrote (20936)	12/30/1998 6:30:00 PM
From: Michael Berkel	Read Replies (1) \| Respond to of 120523

NITE part 2. I prefer NITE above EGRP, AMTD and NDB because NITE benefits from the advertising, marketing and growth (and "hype") experienced by the others, without the need to incur the high costs to advertise and to build up and establish a BRANDNAME for themselves at outrageous expense. NITE does not work in the limelight but it performs a great job after all. NITE's market share and steady growth comes from the fact that they are simply the BEST at executions. That's what you can hear from the boys from the Street. EGRP, AMTD, NDB, DATEK and others are sending the bulk of their increasing orders to NITE. That will increase NITE's profits. Enjoy the ride! Michael B.

To: Michael Berkel who wrote (20936)	12/30/1998 7:26:00 PM
From: gbh	Respond to of 120523

The beauty of NITE is that Marketmakers ALWAYS make money irrespective of the market direction. Ahh, if only it were that easy. We could just become marketmakers, and live happily ever after. But this statement is completely inaccurate. MMs put their own capital at risk (just like you and I). If supply equaled demand, then yes, the MM would just buy my stock at the bid, and sell it to you at the ask, and pocket the difference. But supply rarely equals demand, and MMs are often forced (required) to short sell stock to satisfy demand, or buy stock from a seller for which there is no real buyer. Companies like NITE know how to manage this risk (and some would say, manipulate markets) to make this a profitable business, but it is by no means the slam dunk that you imply. Gary