Date:    04/21/2000  9:57 AM

Subject: Proposed Regulation FD: File No. S7-31-99

I would like to contribute my own comments regarding the proposed 
regulation and what I consider to be open, and fair disclosure of 
information in a public market.    Whether or not a regulation is needed I 
must leave up to the SEC and their vision of the future of investing, but 
let me just share with you some of my own experience as an individual 
investor.    This week, I was able to sit in on a Yahoo! broadcast of a 
live 1st quarter earnings call for Level Three Communications, a company 
that I am invested in.   I was able to listen in on several analyst's 
questions and propose my own via e-mail.  In fact, there were a couple of 
questions that were addressed that came from e-mail sources.    The 
conference call which normally only goes 1 hour and 15 minutes was extended 
due to the overwhelming response in number of interested listeners.   By 
being allowed to listen in on the Company CEO, CFO, analysts, and public in 
real time, I was able to determine my own confidence level for this company 
going forward.   Considering the volatility of the market in recent weeks I 
found the information quite critical in helping me decide that I had 
invested in LVLT for the right reasons and those reasons had NOT changed 
despite recent market fluctuations.
I believe that the dispensing of information directly to all investors in a 
timely fashion, not just a select few, will contribute to market stability, 
not market instability as is claimed by some.
The best example I can give you is something I saw happen on Tuesday, with 
another stock I own, and continue to hold,   Art Technology Group (ARTG) 
 On Tuesday,  I saw a block trade go through for this tech stock, 100,000 
shares for $29.   Although admittedly this trade may have come from a 
company officer or the Investment Banker and they still could have made 
money on it,   nevertheless, my suspicion is that these kinds of actions 
 DO NOT come from individual investors.    I could not believe it when I 
saw this trade!  I am just an "ignorant" individual investor but 
immediately when I saw this trade I was shocked that someone would let go 
of the stock at such low levels.    Of course, today,  three days later, 
the stock is going for $52 a share.
My final comment is that I feel that whatever decision the SEC makes 
regarding this proposed regulation, that you would please consider that 
these days the individual investor needs to have just as high quality of 
information as the next guy,  and that for analysts to provide value to the 
marketplace today, it should be based (and rewarded) on merit and not on 
having better information.
     
Thank you,
     
Roger Schafer