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To: J. P. who wrote (44054)	5/31/1999 10:14:00 AM
From: RJL	Respond to of 86076

I wish I could disagree, but I cannot. It's a sad fact. Rich

To: J. P. who wrote (44054)	5/31/1999 10:25:00 AM
From: accountclosed	Read Replies (2) \| Respond to of 86076

I would offer a few points in rebuttal, but don't have the inclination to participate in an on-going fervent debate: 1. I think as options players, a lot of us focus on very short term market movements. If a major house makes a call and the stock involved gaps by a couple points, this seems to prove the "scam" theory. In fact I contend that such moves are noise and that in the long run the fundamentals will dictate the future course of the stock. MER, for example may be large and influential, but they are far from having the strength to dictate prices of securities to the Street. 2. Debate of this sort, in this type forum, in some measure says "Hey folks, wake up and smell the coffee, don't just pile into a stock because some major firm recommends it." 3. What is the greater phenomenon of a MER having clout? They have to raise the capital necessary to fund their operation. They have to attract superior talent to analyze the industries and companies in question. Will investors forever pile into their recommendations if repeatedly they pay higher commissions to get MER's advice or pay outright for their research, only to find average or inferior performance? The Street is a great debate about securities valuations that goes on every day. Every day, firms have to compete for investors attention and dollars and prove their worth. 4. If this phenomenon is stacking the deck in favor of MER customers, why don't we become MER customers? 5. If the game is so crooked, why don't we find another game? 6. Is it possible that sometimes investors look to portfolio performance and find it easier to blame the game, rather than to view it as a very complex, difficult, humbling game that has constantly changing dynamics that require constant study and learning?