Please identify this as a joint submission from Professor Marius Schwartz and Dr. George Rozanski. Our comments are included in the attachment. We focus on several specific issues, with particular emphasis on the role of suggestive evidence of direct competition in merger analysis. We believe it appropriate for the Guidelines to acknowledge that in some cases the Agencies may begin their analysis with such evidence, particularly where the contours of the relevant markets may not initially be obvious. We caution, however, that the analysis needs to go beyond suggestive evidence of direct competition and supplement preliminary inferences with a structural inquiry to determine whether the merging firms possess unique assets not readily available to others.