You guys are making us and our shareholders rich.  I hope you are having fun 
doing it.  Keep up the good work!  DF
---------------------- Forwarded by Drew Fossum/ET&S/Enron on 01/14/2000 
09:18 AM ---------------------------


FYI, a daily report put out by CIBC illustrating their view on the emerging 
market...

Daily Teletimes  CIBC World Markets

We had a very informative meeting with Enron,s management yesterday--Jeff 
Skilling, CEO of Enron (ENE - Buy) as well as Ken Rice, CEO of Enron 
Communications and their Software VP, David Berberian and others. Enron has 
built out a substantial fiber network and begun to make substantial moves 
towards developing a bandwidth trading market.  We don,t believe that a lot 
of telecom investors understand how well thought out and agressive Enron 
plans on being in this market.  It appears that Enron is now planning to 
articulate its strategy- specifically at their investor conference on January 
20th in New York.  While details will have to wait until the 20th, Enron is 
essentially aiming to build a gateway tieing in all the major long-distance 
networks, guaranteeing premium quality and pricing in doing so (i.e. a  
&Network of Networks8).  While ENE does plan to use its own network to carry 
traffic, it plans to focus largely on seamlessly integrating capacity bought 
on other carriers networks.  Operationally, this boils down to a very smart 
switching system that gives customers the capabilities and reliability of a 
single network at the front-end while integrating capacity sourced from 
multiple networks on the back end, creating more robust overall transport 
capabilities.  ENE believes that this integration of multiple networks will 
offer greater path diversity, reliability, and efficiency than any 
single-network solution.  We note that Enron,s multi-sourcing approach is 
tailor-made to foster the development of a robust capacity trading market (as 
discussed in our recent bandwidth trading report).  Given Enron,s dominance 
of the electricity and natural gas markets, we believe that there is no 
better positioned company to create and capitalize on such a market in 
bandwidth.   While we await further details, we did leave the meeting with a 
much greater understanding of and confidence in ENE,s overall telecom 
strategy.  We believe that their telecom business could create tens of 
billions of dollars of shareholder value if ENE executes well.  We recommend 
that telecom investors make an effort to attend the Jan. 20 meeting. 

Tim Horan 212-667-5459