Securities brokerage industry

Discount brokers with Internet sites have taken market share from full-service brokers in 1998, and many have also entered the underwriting business, as well. Goldman Sachs and Co had planned to go public, but this may not occur, and there is the possibility that the financial services reform bill may be enacted in 1999. These stocks should be avoided by conservative investors as they are not timely for 1999 or through the next three to five years.