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Non-Tech : CSFB Direct(DIR)

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To: BWAC who wrote (395)3/26/2001 11:18:46 PM
From: Joan Winston  Read Replies (1) of 406
Strange Valuation in ONLINE Brokerage. wrt to CSFBdirect
it sounds like CSFB is trying to place a price on the
NUMBER of accounts at around $880 each and saying this
is rich compared to other online brokers.

I truly hope they will take into consideration the
fact that the average account holder at CSFB has almost
3 times the assets as the other discount brokerages.

Also, it was the merger last year that stalled DLJDIRECT marketing and stifled account growth in the Fall 2000. The costly rebranding was only necessary because of the CSFB merger and it surely is responsible in part for the low stock price.

CSFBdirect application is now powering and receiving
revenue from many independent brokerages and these
revenues are growing at an excellent rate but are not
even being considered in their offering price.
This seems almost unjust that they can now just suck
these publicly traded stocks back in at a bargain basement
$4 by a vote of the CSFB board of directors but it looks
like they can because they own 85% of the stock.

I look forward to reading their filings with the SEC on
this one.
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