Date:    03/22/2000  9:27 AM

Subject: Proposed Regulation FD

Mr. Arthur Levitt
Chairman, Securities and Exchange Commission
     
Mr. Levitt,
     
I appreciate and support your efforts to make information which is currently 
only available to a select few analysts and brokerages available to everyone 
simultaneously. Whether the investment "establishment" likes it or not, the 
general public is rapidly expanding its knowledge and understanding of the 
principles and concepts of successful investing. To a certain degree, this 
places the two groups in direct competition with each other. Having an equal 
opportunity to access important information in a timely manner seems only 
fair.
     
How is it different from the illegal forms of insider trading for members 
of an "old boy" network to gather and receive advance information which 
could and will affect the stock price of a specific company? If each of us 
could see into the future, we would have to be saints not to use that 
ability for personal gain. In the case of "selective disclosure," you have 
a system which encourages the use and misuse of unfairly distributed 
information by a relative handful of individuals and organizations. It 
brings to mind a television commercial for an established and respected 
brokerage firm. However, it begs to be paraphrased (in no way am I 
suggesting that this firm is dishonest--the ad was merely convenient): "We 
make money the old-fashioned way...." We cheat.
     
Although on the whole I am not a fan of big government, I can see that 
"encouraging" the restriction or elimination of selective disclosure will 
not be enough. In order for an honor system to work, there must first be a 
sense of honor among those who are involved. If there had been, we would 
never have had selective disclosure.
     
Thank you for your time and efforts.
     
Sincerely,
     
Ronald E. Caffey
Individual investor