In Memoriam

I'd like to take a moment to remember my first manager as a broker, Bill
Alexander of Legg Mason. Bill died last Sunday from complications related
to diabetes. Bill was a classic stock jocky, of the old school. In fact he
began in the business when the business was old school...a Gentlemen's
Club... back in the days before discount brokers. He knew how to read a
chart, buy momentum, and how to cut a loss short. He taught me a lot about
liquidity, and money flow, and technical analysis. He also taught me to
read the tape and trade off it. There weren't many like Bill. There weren't
many who were good enough to survive the new competitive environment. Bill
was. Not only did he survive, but he thrived.

Part of an era died on Sunday with Bill. He will be missed by me and by
hundreds of clients and friends.

Good bye, Bill.