January 1, 1998

Dear Friends and Family,

The presents are all wrapped and unwrapped, the turkey carved and gone, carols around the piano in three part harmony with the relatives; another Christmas come and gone in a too-fast-whirl. This letter comes with our best wishes for a good year to come for you and you loved ones.

1997 was a good year for us, we have all been happy, busy and well. For our 28th wedding anniversary, Marty gave me a digital camera, a gift she has since regretted. Look Ma, no film! Not only am I recording the family's activities, I can now post them on the internet for all to see. So, those of you who are 'connected', you can point your browser to www.trademan.com/family/ and get a list of photo albums to look at. I am of course 'behind' in posting the photos, but hope to get caught up over the holidays. By the way, if we don't have your internet address, please send an email to rfriesen@dnai.com.

This year trading has been more challenging than ever. Trading by myself has never been very satisfying and I found it hard to imagine doing that for 15 years. So this year I expanded from one to five traders and am very much enjoying the new challenges of growing Trade Management. (www.trademan.com) The October mini-crash confirmed the importance of discipline in trading positions. The option volume in my pit has dried up and there is just not as much to do. However, my other traders are picking up the slack. The San Francisco team is starting to 'gel' and this has been gratifying. I still have not found the right people for the Chicago arm, but I am still looking. I certainly enjoy trading a lot more now that I am working with a team.

On the personal side of life, I am enjoying the family very much. Highlights are our discussions at the dinner table and in the hot tub. The kids are starting to be critical thinkers (especially critical of anything thought up by dad) and I get a lot of satisfaction and pleasure from our time together. Unfortunately, Lorien has decided to go to college next year and not stay home and take care of mom and dad. So, the family will shrink again. The holidays have a new importance to us because it means we are all together again.

Eric is a sophomore at Marin Academy and is rapidly developing his computer skills. He attached a Linux computer to his school's network, creating his own server on the internet. Programming the next game is occupying his interest as always. He is growing quickly and is now taller then his mom. He still plays the violin and one of Marty's chief joys is accompanying him at recitals. He is starting to notice and be noticed by the girls. What joy awaits him!

Lorien is in the middle of college applications. She is applying to U.S.C. in Los Angeles, the UC system, Northwestern in Chicago, Whitman and Willamette in Washington and Oregon plus a couple back east. She has applied as a physics major. We are constantly astonished to find ourselves the parents of such a poised and confident young lady. Lorien completed her last Marin Academy volleyball season with an exciting finish in which her team upset the top ranked, undefeated team and went on to the playoffs. We did out part by attending games and yelling ourselves hoarse. They didn't survive the playoffs, but it was a glorious ending to her 4 year volleyball career. She is finishing off a very strenuous semester of sports, academics and applications, and looking forward to cruising through her last semester before graduation and the "Big C".

Jeremy is home for the holidays from Case Western Reserve in Cleveland and enjoying being here and relaxing. He was snagged by the company he works for part time to do a rush job over the holidays for Intel's multimedia division so much of his first two weeks at home have been spent at the computer. He will graduate with a Master's degree in computer engineering this spring. It doesn't look like finding work will be a problem. We are keeping our fingers crossed that he will find work in the Bay Area. Many of the companies who do the kind of work he is interested in are based here, so the chances are good. He has his eyes on Industrial Light and Magic or Digital Domain. Someday you'll probably see his name on the credits of a movie screen for computer special effects. His girl friend, Erica, arrived New Years Eve day, so I will have a new person in the house to torment with my humor.

Marty is still singing like an angel. Everyone tells me that she is getting better and better and I agree. She recently completed singing the Messiah for the Marin Symphony Christmas concerts and for the Winifred Baker Choral. This summer she was Despina, the maid in Mozart's opera, Cossi fan Tutti. I never knew she had acting talents, but she was terrific. She still never sits down and works from dawn to dusk. She is completing legal work for Trade Management, doing the benefits package, payroll, accounting etc. The needs of my rapidly growing company are about to overwhelm her and something has got to give. I figure I am going to have to fire her so she can have some time to herself. However, since she developed the operating agreement for the firm, I am not sure who is in charge, and I may not have the authority to do that anymore.

I am very thankful for the riches in family and love that we share. Marty's parents flew in from Ohio and are currently with Evelyn, her sister, to celebrate Christmas. They will join us soon. Wendi (www.wendi.com) and Tim shared Christmas with us at our place and we went to Evelyn's the day after and celebrated all over again with Marty's sisters and parents. We also managed to squeeze in a day of Sierra skiing under a perfect California blue sky and brilliant sun.

Thank you for your greetings, letters, and pictures. It is so good to hear from you and see how your families are growing. We are blessed to live in a time when there are so many ways to keep in touch. Even though we live in many separate places, we look forward to these times of sharing the news of our respective year. We wish all of you a Merry Christmas and a very Happy New year!

Rich and Marty Jeremy, Lorien, and Eric