HDTenEightyP/NetNews huggingface dataset:
From: paul@opal.cs.tu-berlin.de (Paul Boehm)
Newsgroups: misc.invest
Subject: Re: Broker Solicitation
Date: 20 Aug 92 22:34:26 GMT
Reply-To: paul@cs.tu-berlin.de
Organization: ZRZ/TU-Berlin

pb00+@andrew.cmu.edu (Peter B. Behrens) writes:

>I received a solicition earlier this week from one of the major national
>brokerage firms.  In their letter of introduction they said: "[our
>company] provides some of the most extensive research and customer
>support available.  Enclosed you will find research which I hope you
>will find helpful."  I, not unreasonably, expected a report from their
>own research department to be enclosed.  What I found was three pages
>photocopied from Value Line, an independent research firm that is not
>affiliated with the brokerage firm that was distributing them.

According to the efficient market theory there is no value
in reading research reports or even financial newspapers. There
are thousands and thousands of people getting the same information
at the same time.

So don't care if the research reports are from Value Line or XYZ.
It's all the same stuff, worthless. If a brokerage recommends a stock,
tell them that they should buy the shares themselves. With such good
research, every employee of the brokerage will soon make his first
million and can stop drumming up business.

P Boehm
Newsgroups: misc.invest
From: greg@gregm.NoSubdomain.NoDomain (Greg Moritz)
Subject: Re: Annual Reports : how to get?
Reply-To: greg@gregm.b23b.ingr.com (Greg Moritz)
Organization: Dazix, An Intergraph Company
Date: Thu, 13 Aug 1992 00:38:07 GMT


salim@tigger.cs.Colorado.EDU (Salim Alam) writes:
> What is the easiest way to get annual reports from a publicly
> traded company (short of buying the stock) ? 

Most university business libraries (or the general library if no bus.
lib. available) will have back issues of annual reports of most large
publicly traded companies (worldwide).

In addition, you can often find ads in business magazines like Forbes
that you can use to order annual reports shipped to you for free.

You can also try calling the company and just asking for one.  
Don't know the headquarters number?  Call information in that city.
Don't know the headquarters city? Call any branch of that company that
you know of in any city.

Most companies are happy to give out their annual report because they
are usually written in a 'gushey' style that makes the company look
good even if they are bleeding red ink.
Newsgroups: misc.invest
From: ed@odi.com (Ed Schwalenberg)
Subject: Re: Zero-coupon bonds
Followup-To: misc.invest
Organization: Object Design, Inc.
Distribution: usa
Date: Fri, 21 Aug 92 21:47:40 GMT

In article <7753@public.BTR.COM> timlee@public.btr.com writes:
  lubell@mimsy.umd.edu (Josh Lubell) writes:
  |A broker I talked to recently recommended zero-coupon US bonds as a
  |short-term (1-2 year) investment.  He says that the annual interest is
  |much better than money market funds and, since he expects long term
  |interest rates to go down, the expected return on zero-coupon bonds
  |is likely to be very good.
  |
  |This broker is selling Zero Treasury Strips to his clients.  Is this a
  |good opportunity?  Is there a way to buy without having to pay a
  |broker's fee?  I'm not very knowledgeable about bonds, so I'd
  |appreciate any informed opinions.

  Zero coupon treasury bonds can be bought at no commission by
  going into a commercial bank and asking to buy US Savings Bonds.
  Because market rates have fallen so low, the minimum rate on
  US Savings Bonds is currently higher than the rates on most other
  treasury bonds of 5 years or less maturity.  A commerical bank
  should be able to give you some info on them (or a phone number
  to a Federal Reserve Bank).

Tim is right, but only for savings bonds held 5 years or more, which
pay 85% of the 5-year Treasury rate or the minimum rate, whichever is
more.  (Why not buy 5-year Treasury notes, then?  You can't buy them
in small quantities, and you have to pay taxes on the interest earned
each year, instead of deferring the taxes until you cash in the savings
bond.)

Josh's broker's recommendation is for a 1-2 year investment play on declining
interest rates, in which case Treasury zeros are the best thing I can think of,
provided you believe that interest rates really will sink significantly over
that time frame and provided your transaction costs in buying and selling the
bonds won't overwhelm the alleged savings.
From: bakken@cs.arizona.edu (Dave Bakken)
Newsgroups: misc.invest
Subject: Forbes yearly mutual fund issue
Summary: When will it be out?
Date: 21 Aug 92 06:05:15 GMT

Has anyone heard when Forbes excellent annual mutual
fund issue will be out this year?  I recall it being
out at about the end of August last year.  Thanks!
--
Dave Bakken                               Internet: bakken@cs.arizona.edu
Dept. of Computer Science; U of Arizona   Voice:    +1 602 621 4089      
Tucson, AZ 85721; USA                     FAX:      +1 602 621 4246
The fact that you're paranoid doesn't prove they're *not* out to get you.
From: asuncion@ac.dal.ca
Newsgroups: misc.invest
Subject: Stock/portfolio software, sites, BBSs?
Date: 20 Aug 92 17:17:24 -0300
Organization: Dalhousie University, Halifax, Nova Scotia, Canada



Looking for public domain/shareware stock/portfolio software. BBSs and sites
as well. Thanks.
From: jgarland@kean.ucs.mun.ca
Subject: Re: Broker Solicitation
Organization: Memorial University. St.John's Nfld, Canada
Date: Sat, 22 Aug 1992 09:24:37 GMT

In article <1992Aug21.162109.23618@erg.sri.com>, shacham@erg.sri.com (Nachum Shacham) writes:
> In article <NY95UMS@mailgzrz.tu-berlin.de> paul@cs.tu-berlin.de writes:
>>pb00+@andrew.cmu.edu (Peter B. Behrens) writes:
>>
>>
>>According to the efficient market theory there is no value
>>in reading research reports or even financial newspapers. There
>>are thousands and thousands of people getting the same information
>>at the same time. ...

> is the variation
> in stock value from today to tomorrow independent from the current stock
> value and its past variations?  
> 
> Yet, in other words, is there anyway at all to predict the future to some
> extent (say, so that you are right more times than wrong?)
>         ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^      
Just a small quibble, but a more correct rate would be ...

... to predict the future to some extent
(say, such that the rate of return commensurate with risk is justified.)

Note that this may be _much_ less than 50% if the corresponding gains for
correct prediction are high and the losses are more moderate.

For instance, a scheme which netted stocks that would beat the market
1 percent of the time might be quite nice (assuming that the stocks
which were not winners followed the relevant market average) and lead to 
substantial gains over time.

Unfortunately I don't know the answer, but defined as above, you can get away
with a much lower succesful prediction rate.

John Garland
jgarland@kean.ucs.mun.ca
Newsgroups: misc.invest
From: kjhart@pbhya.PacBell.COM (Kenny J. Hart)
Subject: Re: Companies trading near book value
Reply-To: kjhart@PacBell.COM (Kenny J. Hart)
Organization: Pacific * Bell, San Ramon, CA
Distribution: usa
Date: Thu, 13 Aug 1992 18:07:44 GMT

Look at CFHC, trading around 13-15, book value ~$16....
Will someone please take this bank..........


-- 
  Kenny Hart               
  kjhart@pacbell.com      

Newsgroups: misc.invest
From: nfs@hart (Norbert Schlenker)
Subject: Re: is it time to invest in Japan?
Originator: news@nimaster
Organization: Princeton University, Dept. of Computer Science
Date: Wed, 19 Aug 1992 14:13:56 GMT

In article <1992Aug18.152342.18005@fid.morgan.com> joec@fid.morgan.com (Joe Collins) writes:
>It seems that if I invest in an equity fund targeted at Japan and
>hold for a while, I may have a good chance on both a currency
>play (US Dollar strengthens) and an equity play (Tokyo market
>recovers).
>
>Any opinions?

You have no currency play if the dollar strengthens - you want it
to weaken instead.

As for the equity play, the NYTimes this morning reports on the
support measures announced by the Japanese finance minister yesterday.
The one that made me chuckle was that companies, in particular banks,
would henceforth be allowed not to report negative financial
information.  One must assume, of course, that such information cannot
be hidden indefinitely.

The mere fact that anyone would suggest such a thing indicates that
Japanese heads are still in the sand.  I've changed my mind about
selling my Nikkei puts - the bottom isn't even close yet.

Norbert
nfs@cs.princeton.edu


Newsgroups: misc.invest
From: shacham@erg.sri.com (Nachum Shacham)
Newsgroups: misc.invest
Subject: Re: Broker Solicitation
Date: 21 Aug 92 16:21:09 GMT
Organization: SRI International, Menlo Park CA.

In article <NY95UMS@mailgzrz.tu-berlin.de> paul@cs.tu-berlin.de writes:
>pb00+@andrew.cmu.edu (Peter B. Behrens) writes:
>
>
>According to the efficient market theory there is no value
>in reading research reports or even financial newspapers. There
>are thousands and thousands of people getting the same information
>at the same time.
>
>So don't care if the research reports are from Value Line or XYZ.
>It's all the same stuff, worthless. If a brokerage recommends a stock,
>tell them that they should buy the shares themselves. With such good
>research, every employee of the brokerage will soon make his first
>million and can stop drumming up business.
>

Does this mean that past and present information is totally useless in
indicating future moves of stock value?  That is, is the variation
in stock value from today to tomorrow independent from the current stock
value and its past variations?  

Yet, in other words, is there anyway at all to predict the future to some
extent (say, so that you are right more times than wrong?)

Nachum
From: tucker@shiva.edsg.hac.com (George Tucker)
Newsgroups: misc.invest
Subject: Re: Nikki (up or down?)
Date: 13 Aug 92 18:53:34 GMT
Reply-To: tucker@shiva.UUCP (George Tucker)
Organization: Hughes Aircraft Co., El Segundo, CA

In article <BsvvFy.Fq2@news.cso.uiuc.edu> acheng@ncsa.uiuc.edu (Albert Cheng) writes:
>
>In article <1901@coyote.UUCP>, shekita@yeti.almaden.ibm.com (E. Shekita) writes:
>>    
>>Beware of Japan bashing, a time-honored tradition of some western journalists.
>Japan and U.S. are very different.  U.S. has plenty of resources (oil,

Japan is a primitive feudal society that struck it rich, not much different
from various sheikdoms closer to the equator.  They are the major environmental
outlaw nation and became overly arrogant in economic matters.  Perhaps
they will learn about the sin of hubris and become an advanced democracy
since they can't afford to react the way Americans do.  Perhaps not.
Japan could help the global economy if it will just grow up.  If Japan
doesn't start importing some stuff, this stagcession could get very tedious.

	 George Tucker        tucker@tcville.hac.com
What is the world's largest government subsidy to agriculture,
terrorism, speedboat manufacturing, organized crime, and prison
construction?
Newsgroups: misc.invest
From: salim@tigger.cs.Colorado.EDU (Salim Alam)
Subject: Re: How do I get rid of broker????
Organization: University of Colorado, Boulder
Date: Thu, 13 Aug 1992 20:04:52 GMT

In article <jaeastman-120892184355@jmac.msd.anl.gov> jaeastman@anl.gov (Jeff Eastman) writes:
> .... though).  I am just 
>wondering if there is some kind of regulatory agency I can report this guy
>to?  Is he actually
>breaking any rules in calling me over and over?  He called today and let my
>phone ring 5 minutes
>after I hung up on him.
>
>_______________
>Jeff Eastman
>jaeastman@anl.gov
>_______________

Why dont you post his name/phone# and who he works for?  Maybe you
can find enough people in your area to keep calling HIM and complaining :)
Maybe you can set your modem to keep autodialling him.  

I read a book called "Liars Poker" by Michael Lewis that describes
the life of these brokers in some detail -- this should be recommended
reading for everyone who plans to invest.  Also, there was a recent
similar article in one of the financial magazines (can remember which
one).  The important thing to remember is:  a broker ALWAYS has his
or his company's interest in mind -- he probably never gives any
thought about you or your interests.  If a stock (especially IPOs)
is really a good deal, he wouldnt need to cold call people trying
to sell it.

-Salim

-- 
Salim Alam. CS Graduate Student{} "New processes are created by other
University of Colorado, Boulder{}  processes, just like new humans" - Nemeth
INTERNET: salim@cs.colorado.edu{}  et al, Unix System Administration Handbook.
From: jpr@hpscit.sc.hp.com (John Romano)
Date: Wed, 19 Aug 1992 18:08:59 GMT
Subject: Info on "PrivatePension/Var.Life"
Organization: Hewlett-Packard, Santa Clara, CA
Newsgroups: misc.invest

Looking for reference information on:
  
         VARIABLE LIFE INSURANCE product (Equitable and Prudential)

These are aka as "Private Pension Plans" are basically the following:

Pay in a "premium" which goes to fund a personal fund.  An overhead fee
is taken out to pay "cost of insurance" and "doing business".

The money in the your personal fund then builds up by being invested in
your choice of places (bond, gov't sec, mutuals, etc.  funds) and builds
up entirely tax-free (including interest or dividends).

The combination of your fund and the "cost of insurance" that goes into
the insurance pool then makes up your "death benefit".  Should you not
have an early death, then you can "borrow" money out of your private
fund for your retirement (or any other purpose) AND THESE ARE TAX FREE!

The cost of insurance is not even very high.  An investment in this
verses a standard mutual fund/bond fund have cross-over points at about
5 years (due to the accrual on a tax free basis).

This sounds interesting to me, but I am very skeptical.
I have been "quoted" by an Equitable agent.  He stated that the
only other significant company with this type of product was
Prudential.  I have not talked to them.

DOES ANYONE HAVE ANY EXPERIENCE OR INFORMATION??  I would like to get
some input from a knowledgble 3rd party that does not have a competitive
or alternate product.

Regards,
John Romano

Newsgroups: misc.invest
Subject: Re: How do I get rid of broker????
From: gary@cdthq.UUCP (Gary Heston)
Date: Sat, 22 Aug 92 11:19:08 CDT
Organization: Garys' Home for Obsolete Computers

frazier@maxwell (Greg Frazier) writes:

> jaeastman@anl.gov (Jeff Eastman) writes:
            ^^^^^^^
   ____________|


   [ about scumbroker repeatedly calling ]

> 
> I recommend purchasing an answering machine w/ recording
> capabilities to record all of your phone calls.  Every

I doubt that a person at a government site will be allowed to bring
in a recording device, much less attach it to the phone system.

I got rid of a cold caller by telling her I wouldn't be liquid for
investing for 18-24 months. Haven't heard from her since.

Laying the phone down, as others have suggested, might work after a
while. Get his managers name and call him with an offer to call the
SEC; or complain to the telco. Those require a little more active
effort, but might produce faster results. If there's any security
office at anl.gov, a letter from them to the brokerage might make
an impression, too.

Gary Heston, at home....
gary@cdthq.uucp
Newsgroups: misc.invest
From: markr@mot.com (Mark)
Subject: Re: Question on Selling Short
Reply-To: markr@mcil.comm.mot.com
Organization: MCIL
Date: Thu, 13 Aug 1992 05:22:21 GMT

In article <1992Aug10.222815.4571@gibdo.engr.washington.edu> bobk@gibdo.engr.washington.edu (Bob) writes:
>
>  What happens when you short sell a stock and the company goes bankrupt?
 
You smile and go out for a nice dinner. :-)

Mark
From: Clive_Camm@mindlink.bc.ca (Clive Camm)
Newsgroups: misc.invest
Subject: Re: Zero-coupon bonds
Date: 19 Aug 92 05:20:20 GMT
Organization: MIND LINK! - British Columbia, Canada
Distribution: world

I have zero-coupon bonds in my portfolio, but they are there for the long term.
These bonds are more volatile than regular bonds.   If interest rates drop,
your capital gains on the zero-coupons will be greater than the capital gains
return on regular bonds.  If your wrong about the direction of interest rates,
and they do climb, your capital losses will be much greater on the zero-coupon
if you sell.

My advice, is buy the zero-coupon only if you're are happy with the return and
hold until it matures.  I'm guaranteed 10.5% compounding annually until the
year 2012.  Not bad for a government backed investment I don't have to worry
about.  With the Canadian inflation rate currently at a little more than 1%, my
real rate of return is more than 9%.
Because I live in Canada, I can't tell you how to buy U.S. zero-coupons with
paying a broker's commission.  Good Luck.


Clive Camm.
From: nyp00@firenzecd.amdahl.com (Nicholas Y. Pang)
Newsgroups: misc.invest
Subject: Re: Forbes yearly mutual fund issue
Date: 21 Aug 92 14:41:15 GMT
Distribution: usa
Organization: Amdahl Corporation, Sunnyvale CA

It's out. I got mine yesterday.

-- 
Nicholas Pang         nyp00@cd.amdahl.com       
Amdahl Corporation    nyp00@outs.ccc.amdahl.com
From: pearson_steven@tandem.com (Steven R. Pearson)
Newsgroups: misc.invest
Subject: Misc.Invest FAQs
Date: 18 Aug 92 21:42:35 GMT
Organization: Tandem Computers Inc.,  Cupertino, CA

The simple FAQt of the matter is that there is no official FAQ list
or FTP site for Misc.Invest.  If anyone out there with the appropriate
know-how and real estate to donate would surely be welcome to take
on this task.  I also believe that somewhere, someone(s) on the net
keeps track of FAQ information for all newsgroups which provide
such information to them.  So, any volunteers to put Misc.Invest
on the map?

What we do have here are several irregularly posted "FAQs" contributed
by interested individuals.  The ones I have seen include:

The mutual fund FAQ.  This is the biggest and best of the current lot.  (timlee@btr.com)
The discount broker rate comparison and phone number FAQ.  (???@???)
The DRIP FAQ, under construction by at least two different parties it seems.  
The 5-part bibliography of investing related books.  Doesn't call itself a FAQ, but could be.  (owari somebody ???)

And finally, I promised a while back to work a message regarding the wash sale
rule into a FAQ.  Haven't done much to it, but can send it out with a "work in progress"
disclaimer if anyone is interested.

Apologies to anyone I missed.  Feel free to suggest additions.  And ask questions (why
do you think they call them FAQs?).  Heck, I would volunteer to manage this mess but
I am no net.guru, nor do I have any real estate to offer.  And I'm not sure I can commit
the time required (which I can't estimate, in my ignorance).

Finally, I'm not sure one can write a real beginner investor FAQ, which seems to get the
most requests, without producing another offering of book-size similar to the basic
personal finance books one can find in the library.  The mutual fund FAQ is already
starting to look like some of the assorted guides to mutual funds that are out there.

-steve p.  (The facts are facts, the opinions are mine.  Which is which is anybody's guess.)
From: frazier@maxwell (Greg Frazier)
Newsgroups: misc.invest
Subject: Re: is it time to invest in Japan?
Date: 18 Aug 92 19:33:11 GMT
X-Newsreader: Tin 1.1 PL4

joec@fid.morgan.com (Joe Collins) writes:
: The Tokyo stock market is in the trash (14300 or so) and way off
: its highs. In addition, the US currency is also quite low.
: 
: It seems that if I invest in an equity fund targeted at Japan and
: hold for a while, I may have a good chance on both a currency
: play (US Dollar strengthens) and an equity play (Tokyo market
: recovers).
: 
: Any opinions?

I think you will lose out, currency-wise, as the dollar strengthens.
Also, Japanese analysts think their market will drop to the 13000
range (according to the LA Times some weeks ago).

--


Greg Frazier	frazier@CS.UCLA.EDU	!{ucbvax,rutgers}!ucla-cs!frazier
Organization: University of Maine System
Date: Monday, 17 Aug 1992 10:24:49 EDT
From: Bob Libbey <LIBBEY@MAINE.MAINE.EDU>
Newsgroups: misc.invest
Subject: Schwab mutual fund margin accounts

Does anyone have any experience with Schwab? I am particularly interested in
hearing any stories about their mutual fund margin accounts.  What is the
interest rate? Etc.
Newsgroups: misc.invest
From: rutkows@ccu.umanitoba.ca (Chris Rutkowski)
Subject: Portfolio Software
Summary: Looking for info on Advent or similar software
Keywords: Advent,portfolio, software,manager
Organization: University of Manitoba, Winnipeg, Canada
Date: Thu, 20 Aug 1992 16:23:58 GMT

We are contemplating purchasing ADVENT Portfolio Manager for our small
company.  Can anyone comment on its effectiveness?  It costs upwards of
about $9000.00 (CDN) here, and we are looking for alternatives that may
be as good and less expensive?  

What do you say?  Is it worth the money?

Are there ftp sites with similar programs?  Is there a shareware
version available?

Thx.

-- 
Chris Rutkowski - rutkows@ccu.umanitoba.ca
Royal Astronomical Society of Canada
University of Manitoba - Winnipeg, Canada
Newsgroups: misc.invest
From: eah0065@zeus.tamu.edu (HASKIN, EDWARD ARTHUR)
Subject: Pax World Fund
News-Software: VAX/VMS VNEWS 1.41    
Organization: Texas A&M University, Academic Computing Services
Date: Tue, 18 Aug 1992 14:52:00 GMT

Has anyone had any experience with this mutual fund??


Newsgroups: misc.invest
From: mccrate@netcom.com (Joe McCrate)
Subject: Wall Street Week WITH LOUIS RUKYSER   (Re: Elves)
Date: Fri, 14 Aug 92 05:59:59 GMT
Organization: Netcom - Online Communication Services  (408 241-9760 guest) 

>For those who haven't watched WSW before, the program is 30 minutes long:

>    There is a 5-7 minute monologue by Louis Rukheiser summing up the
>    week just passed.  This politically biting (to all parties) is worth
>    the price of a PBS membership alone.

Rukyser's monologue in Wall Street Week WITH LOUIS RUKYSER (wswWLR) is
sometimes politically biting in a rather formulaic and predictable way,
but mainly it seems to be a vehicle to constantly remind us of LOUIS
RUKYSER's sagacity and charming wit.  How many times has he delighted us
with his amusing joke that the market just doesn't do too well when he is
on vacation from wswWLR, but now that "I've returned" it should do better.
Oh, we never tire of hearing it.

Newsgroups: misc.invest
From: dprlcm@inetg1.ARCO.COM (Larry Morley)
Subject: Synthetic Interest-Rate Swaps? 
Organization: ARCO Oil and Gas Company
Date: Wed, 19 Aug 1992 04:37:15 GMT

Some banks have made a lot of money over the past year
by taking advantage of the historically high slope on
the yield curve for treasury debt instruments. The chief
investment vehicles involved here are "interest-rate
swaps" in which a bank will contract to make interest
payments on short-term obligations in exchange for the 
interest stream on an equal amount of long-term debt.

Clearly, participation in these deals can be a highly 
lucrative activity for the bank on the right side of the
transaction since yield spreads are now running about 
4 or 5% between long and short term debt. It is my
belief that these rate differentials are going to be
with us for some time to come and my question to 
misc.investors is the following - Is there any way that
I as an individual investor can capitalize on this
phenomenon?

It would seem that at least one way to place a bet 
here would be to purchase the common stocks of those
banks which have jumped into rate swaps in a big way.
Equity ownership in a bank unfortunately carries other
risks, since the bank may have exposure to bad loans,
currency risk, etc. Also the stock price may already
be elevated in anticipation of continuing high profits.

What about the commodity futures/options/derivatives 
markets? Is there any way that I, as an individual,
can create what might reasonably be termed a 
"synthetic interest-rate swap" and have a pure play
in this investment concept?   
  

Newsgroups: misc.invest