I just went through a restructuring of my portfolio with Morgan Stanley.  I 
think I am fine for now.  Thank you.




"Swearingen, David" <dswearinge@dlj.com> on 05/16/2001 12:35:35 PM
To: "'Stanley Horton'" <stanley.horton@enron.com>
cc:  

Subject: 



Mr. Horton,

We appreciate your time a few weeks ago and sincerely hope we were able to
clearly convey our disciplined investment approach to you during our
meeting.    We also hope we were able to help you to re-define the term
"risk".   Using our disciplined approach, we have been able to provide our
clients with consistent returns
and avoid negative returns over the course of the past 10 years.  We credit
the success to developing and implementing a very focused and structured
investment plan.

At this point, we would like to have your permission to put together a
proposal for a portfolio which would be constructed upon the same philosophy
and guidelines utilized by Yale University's multi-billion dollar endowment
fund.    The purpose of the proposal would be to show you how we build our
client portfolios
in an attempt to minimize ( if not eliminate ) negative annual returns while
providing above market returns.

We know you would find the proposal interesting and would give you better
insight into how
high net worth individuals, endowments and wealthy family groups construct
their investment
portfolios.

We look forward to hearing back from you.  Have a great day.


Sincerely,


William L Swearingen II  /  Vice President  David J. Swearingen
Credit  First      Credit  First
Suisse Boston      Suisse Boston