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To: Michael Olds who wrote (6381)	3/20/1999 9:05:00 PM
From: Michael Olds	Respond to of 17679

Just thinking about the letter from the chairman: This from Barrons, March 22, pp 11: Laura Rittenhouse, president of strategic adviser UtiliVentures . . . created a survey to score the letters by numerous indicators in five categories: vision, strategy, action and performance, stakeholders and candor. And Rittenhouse suggests there may be a correlation between communication and financial performance. It's certainly not causal, but I think there's an association between . . . language in the shareholder letter that's detailed and informative” and performance, says Rittenhouse, a former investment banker at Lehman Brothers. The survey, which looked at letters of CEO's of 100 top-performing companies, found that stocks of the 15 highest-scoring corporations traded, on average, at multiples three to six percentage pints higher than those of the 15 lowest-scoring at the end of 1997, a trend that continued in 1998. Some firms are becoming adherents of the model. Using some of Rittenhouse's ideas helped Duke Energy “take some fairly vague concepts like the energy value chain and paint a picture to make it tangible, real and exciting to our investors.” Says spokeswoman Roberta Bowman. . . .they can have an impact.