SpecialistMan - by John Bogle

JMartinez · Oct 10, 2003

Right on Don!!!!

Quote from Don Bright:

Yeah, what a joke! He wants GS to hold up the stock in his company. How about a Corporate Buyback?? Hold your own darn stock up. I'm preparing an op-ed piece in response to this ex NYSE board member. Where was he when Grasso's pay was discussed....??? The "electronic marketplace" would not even help in holding up AIG (or providing more stock).

Another point is that the AIG market cap is Because the stock has gone up in price. I realize that some Specialists are better than others, but don't blame the system for one (perhaps not so goo) specialist. There are many who are very concerned about the U.S. and it's political systems, legal system, etc. based on some questionable decisions...does that mean we should revert to socialisim, or mayber a Monarchy? Of course not, let's use the best system we can, and be diligent in policing it.

(more to come in print, I'll keep you all posted)...

Don

MVP · Oct 10, 2003

Amazingly funny! The hypocritical Don Brigth arises.

Don Bright is now concurring with the "negative" view of specialists.

The Bright Trading sales pitch has and always been - "THE NYSE IS A FAIR AND ORDERLY MARKET... PLUS WHERE ELSE CAN YOU GET PRICE IMPROVEMENT..."

I wish John Bogle would write an article about the trading firms who peddle the "virtues" of trading listed stocks.

Nordic · Oct 10, 2003

Quote from NYSE Trader:

However, I see a lot of posts complaining about NYSE, but nothing about AMEX. Their rules have way more freedom for the specialist than NYSE. Try trading with any AMEX stock for a day, the most cutthroat NYSE specialist will seem like a saint in comparison. [/B]

AMEN on that! They "make-up" the rules on a daily basis, both on options and equity trading. The SEC is just beginning to figure this out.

C Robinson · Oct 10, 2003

Quote from MVP:

Amazingly funny! The hypocritical Don Brigth arises.

Don Bright is now concurring with the "negative" view of specialists.

The Bright Trading sales pitch has and always been - "THE NYSE IS A FAIR AND ORDERLY MARKET... PLUS WHERE ELSE CAN YOU GET PRICE IMPROVEMENT..."

I wish John Bogle would write an article about the trading firms who peddle the "virtues" of trading listed stocks.

that's not the way i read Don's most recent post, sounds like he is calling "Hank" a joke.

Don Bright · Oct 10, 2003

Quote from MVP:

Amazingly funny! The hypocritical Don Brigth arises.

Don Bright is now concurring with the "negative" view of specialists.

The Bright Trading sales pitch has and always been - "THE NYSE IS A FAIR AND ORDERLY MARKET... PLUS WHERE ELSE CAN YOU GET PRICE IMPROVEMENT..."

I wish John Bogle would write an article about the trading firms who peddle the "virtues" of trading listed stocks.

Gee, the Full moon has brought back the dead again, it seems. Perhaps you might want to recheck what I've said. The specialist system is still the preferred way to make money....and it's not perfect, and Yes, thanks for pointing out the price improvement. Check the dictionary, I don't think hypocritical is synomous with reality.

Thanks for allowing me more air time though!!

(Sorry, I'm a bit bored today)....

Don

Don Bright · Oct 10, 2003

Quote from C Robinson:

that's not the way i read Don's most recent post, sounds like he is calling "Hank" a joke.

Me too, but perhaps some posters have "English as a second Language" in which case, I hope that my (our) comments will be re-read and understood.

"Full Moon Syndrome"...

All the best!!

Don

bent_prop · Oct 10, 2003

Quote from Don Bright:

There are many who are very concerned about the U.S. and it's political systems, legal system, etc. based on some questionable decisions...does that mean we should revert to socialisim, or mayber a Monarchy? Of course not, let's use the best system we can, and be diligent in policing it.

(more to come in print, I'll keep you all posted)...

Don

I concur; Don't throw out the cart because the wheel is out of round or the Driver/Manager steered the cart to his barn for "shrinkage" purposes before delivering the load. Fix the wheel and get the cart rolling again.

What are the competitive alternatives (finacially of course) to the specialist systems @ either the NYSE or AMEX? Maybe the way to encourage improvements is to break the functional monopoly and have an effective alternative. Then if they dip their wick a little too deep we can find another venue.

Don Bright · Oct 10, 2003

Quote from bent_prop:

I concur; Don't throw out the cart because the wheel is out of round or the Driver/Manager steered the cart to his barn for "shrinkage" purposes before delivering the load. Fix the wheel and get the cart rolling again.

What are the competitive alternatives (finacially of course) to the specialist systems @ either the NYSE or AMEX? Maybe the way to encourage improvements is to break the functional monopoly and have an effective alternative. Then if they dip their wick a little too deep we can find another venue.

Good post.....I have yet to see a viable alternative that works for everyone (traders, public, and institutions).... I do fear a completely fragmented "cyber" marketplace where everyone can simply walk away. Let's work on fixing what we have.

Don

shneed · Oct 10, 2003

http://www.siliconinvestor.com/stocktalk/msg.gsp?msgid=19388530

shneed

MrDinky · Oct 10, 2003

Quote from Don Bright:

Good post.....I have yet to see a viable alternative that works for everyone (traders, public, and institutions).... I do fear a completely fragmented "cyber" marketplace where everyone can simply walk away. Let's work on fixing what we have.

Don

Bogle's right - the first to walk away in a panic market is the specialist. I say eliminate the roadblocks and let competition decide.