HDTenEightyP/NetNews huggingface dataset:
From: watanabe@cs.uiuc.edu (Larry Watanabe)
Subject: Re: Earn money trading against computer programs
Organization: University of Illinois, Dept. of Comp. Sci., Urbana, IL
Date: Thu, 17 Dec 1992 11:19:19 GMT

blenko-tom@CS.YALE.EDU (Tom M. Blenko) writes:


>Bill Goffe writes
>| 
>| 
>|                             ANNOUNCING THE OPENING OF THE
>| 
>|                             ARIZONA TOKEN EXCHANGE (AZTE)
>| 
>|                                   January 1, 1993
>| 
>| Earn cash profits by competing against computerized program traders

>Aside from being one of the most ignorant propositions
>I've seen in a long time, these guys appear to be talking
>about playing with real money. And if so, it's a scam and a
>fraud. Caveat emptor! 

>	Tom

Actually, it's NSF sponsored research :) The money is probably 
insignificant, but enough to provide incentive for the subjects.

It's no more a scam than is paying people for experiments
(i.e. measuring reaction time). I suspect it is also no more
lucrative; it would be hard to justify to NSF disbursing 
millions in "incentives".

Because of the "game-like" nature of this experiment,
they can probably get by with even less than the average
psych researcher. 

-Larry Watanabe watanabe@cs.uiuc.edu
From: dmatthews@uap.umd.edu
Newsgroups: misc.invest
Subject: Re: IBM Turnaround?
Date: 15 Dec 92 16:16:30 GMT
Reply-To: dmatthews@uap.umd.edu
Distribution: usa
Organization: IPST, U. of Maryland, College Park

In article <1992Dec14.165252.5577@ee.eng.ohio-state.edu>, adkins@singha.eng.ohio-state.edu (Kenneth C. Adkins) writes:
>What is the net's general opinion on IBM.  Do people think
>they're going to be able to turn things around?  Is the stock
>drop a true reflection of their drop in value?  I can't 
>imagine that IBM is in such trouble that the stock won't ever
>rebound to prices of last year.  Responses from people inside
>IBM would be especially helpful.

To me the crucial thing is mainframes.  Mainframes are extinct (he said,
expecting disagreement) but many inside and outside IBM don't know it yet.


Dr. David L. Matthews, IPST, Univ. of Maryland, College Park MD 20742-2431 
Telephone  (301)405-4830	Internet   dmatthews@uap.umd.edu
FAX 	   (301)314-9363	NSI/SPAN   UMDUAP::DMATTHEWS
Newsgroups: misc.invest
From: louie@cbnewse.cb.att.com (louis.m.leciejewski)
Subject: Re: Fidelity Magellan?
Organization: AT&T
Distribution: usa
Date: Wed, 16 Dec 1992 15:14:17 GMT

In article <jaeastman-151292141754@jmac.msd.anl.gov> jaeastman@anl.gov (Jeff Eastman) writes:
>I noticed in the paper that Fidelity's Magellan mutual fund fell by almost
>$6 last
>Friday.  This is about 10% of the fund's value.  The price in today's paper
>is still
>the lower value, so it doesn't appear to be a misprint.  The other Fidelity
>growth
>funds did not show this drop in price.  What happened?
>
>_______________
>Jeff Eastman
>jaeastman@anl.gov
>_______________

A number of Fidelity Funds went ex-dividend last week.
-- 
===============================================================================
Lou Leciejewski, WB9DKY - AT&T Bell Laboratories - att!ihlpm!loul (708)979-3382
===============================================================================
Newsgroups: misc.invest
From: rvp2f@Virginia.EDU (Prasad  Polamraju)
Subject: E-Trade Discount Brokerage: Is this the cheapest???
Organization: University of Virginia
Date: Sun, 13 Dec 1992 04:53:08 GMT

Has any one any experience with the discount broker e-trade? I saw
their ad in the investor's daily. They offer 1 1/2 cents per share
commission with minimum of $35. They also offer ONLINE trading with
a PC. I got their application. They do not mention any fee for trading
software (SCHWAB charges a fee for online trading software).
You can get their application by calling 800-786-2573

Do they have any hidden fees like miscellaneous fees for every trade,
or yearly maintenance or no activity fees? Any experiences with e-trade
including service and comparsion of their fee schedule 
with other discount brokerages will be appreicated?

Prasad Polamraju
email: rvp2f@virginia.edu
phone: 703-328-0180 (office)
	703-328-4245 (home)
Newsgroups: misc.invest
From: tony2@prefect.cc.bellcore.com (gozdz,antoni s)
Subject: Re: Buying New Stocks On The Day They Go Public
Organization: Bellcore, Livingston, NJ
Distribution: usa
Date: Mon, 14 Dec 92 21:59:43 GMT

In article <Bz9EHo.IF9@encore.com> uhegde@walrus.encore.com (Uday Hegde) writes:
>What is the best source for determining the companies that are going
>public? I dont recall seeing any ads on new issues in Boston
>Globe/local newspaper's business section.
>
>Do brokers take requests to send information on any company that is
>offering fresh issues? 
>
>
>Uday.
>
>

The Institute for Econometric Research, Ft. Lauderdale,
FL (1-800-327-6720) publishes a monthly newsletter "New
Issues" ($95 per year, 5yrs $315). I don't know how
good it is, thou.

Tony
Newsgroups: misc.invest
From: blenko-tom@CS.YALE.EDU (Tom M. Blenko)
Subject: Re: "Market efficiency" (Was Re: Rationality of the stock market (NOT!))
Reply-To: blenko-tom@cs.yale.edu
Organization: Yale University, Department of Computer Science, New Haven, CT
Date: Tue, 15 Dec 1992 23:42:47 GMT

 
| "Information" above can be defined in many ways.  The most  
primitive
| kind of information is the history of price and returns.  Such
| information is very widely available.  It is easiest to test for
| market efficiency w.r.t. historical price information, and (as far  
as
| I know) nobody has yet found a chink in the efficiency armour  
enough
| to make money on (and there have been hundreds of attempts at  
testing
| market efficiency, in markets all over the world).

Well, if you go back in the earlier literature, it isn't
that inefficiencies are non-existent, it's just that
they are too small to exploit for profits. And then there
have been inefficiencies found that have been published
-- and low and behold they disappear! There's no way to
prove there *aren't* inefficiencies -- but if they are
exploitable, you can expect them to disappear. There may
be players out there using closely-held information
about inefficiencies to generate profits -- and the
result is a market in which that inefficiency has been
eliminated.  

| In a world with efficient markets, there is virtually no role for
| stock picking.  A lot of the advice that folks like Peter Lynch  
dish
| out are very suspect when you assimilate the notion of efficient
| markets.  Wall street types hate the proposition, because it
| eliminates the need for expensive investment managers and  
newsletters
| and thus directly endangers their livelihood.

Well, except that the markets are changing all the time,
so inefficiencies may appear. I agree that all these guys
publishing newsletters are barking at the moon -- on the
other hand, the cost of money managers is so small that you
shouldn't expect much from them anyhow -- if they could
really boost your returns substantially, they could
charge you a lot more for their advice! 

	Tom
Newsgroups: misc.invest
Subject: Re: Gift tax question
From: gary@cdthq.UUCP (Gary Heston)
Date: Thu, 10 Dec 92 22:12:29 CST
Organization: Garys' Home for Obsolete Computers

jstewart@pomona.claremont.edu writes:

> I have a tax question.  If I am given a large sum of money (say, $30,000), bu
> my normal income is nowhere near this amount, what sort of taxes do I have to
> pay?  Is this just considered income even if it is a gift?  Is there any way 
> reduce or avoid taxes on this amount?

You owe no tax if it's a gift; if it's in exchange for any work or
property, it's taxable. In the case of cash gifts, the giver owes
the tax.

Gary Heston, at home....
gary@cdthq.uucp
Newsgroups: misc.invest
From: sobiesz@rtsg.mot.com (Steve Sobieszek)
Subject: Financial Statement Terms
Followup-To: sobiesz
Organization: Motorola Inc., Cellular Infrastructure Group
Distribution: usa
Date: Fri, 11 Dec 1992 14:37:38 GMT

Can anyone tell me what Realized and Unrealized Gain (Loss) means.
In the annual report it says:

	REALIZED AND UNREALIZED GAIN
	(LOSS) ON INVESTMENTS

	    Realized gains from securities transactions

		Proceeds from sales .............$13,952,662
		Cost of securities sold.......... 12,655,185
						  ----------
		Net Realized Gains...............  1,297,477

	    Unrealized appreciation of investments

		Beginning of period..............$12,214,547
		End of period.................... 27,370,662
						  ----------
		Change in unrealized
		appreciation..................... 15,156,115

		Net realized and unrealized
		gain on investments.............. 16,453,592


Thanks in Advance,

Steve
From: chang-mark-yan-ming@cs.yale.edu (Mark Yan-Ming Chang)
Newsgroups: misc.invest
Subject: risk of mutual fund close down
Date: 16 Dec 1992 11:36:29 -0500
Organization: Yale University Computer Science Dept., New Haven, CT 06520-2158
Distribution: world
NNTP-Posting-Host: na-gw.cs.yale.edu


It is good to buy low. But for mutual funds, is there a danger that a fund
may give up, if the price droped too much? A fund manager takes a percentage of
the whole fund value as his fee. So the low price is not good for the manager.
But if the fund liquidates at a very low price, it would be really bad for 
the investers.

Are there examples of fund close down due to low price?

Mark
-- 
--- Mark (changym@cs.Yale.edu, decvax!yale!changym, changym@YaleCS.BITNET)
QUIT
@YaleCS.BITNET)
Newsgroups: misc.invest
From: lib@cbnews.cb.att.com (Lib)
Subject: Re: "Market efficiency" (Was Re: Rationality of the stock market (NOT!))
Organization: AT&T
Date: Thu, 17 Dec 1992 12:55:17 GMT

In article <BzDCv0.21s@cantua.canterbury.ac.nz> cctr114@cantua.canterbury.ac.nz (Bill Rea) writes:
>
>It seems to me that it takes some time for the market to adjust to a new
>piece of information. I have seen several examples recently on our own
>market where a favourable peice of news has resulted in a stock price rise
>of about 25%. But this it has taken about 3-4 weeks for the stock to
>reach a new trading range. Similarly I have seen some bad news cause a stock
>price to drop about 50% but it took about 2 months for the stock price to
>drop down into a new trading range. So while the markets may be broadly

People have long said that the market over-reacts either on the upside
or downside to good or bad news so there's an opportunity to profit
if you take this into account. Problem is: consider IBM. IBM dropped
6 3/4 on Tuesday in reaction to bad news. If you bought Wednesday A.M.
assuming the 6 3/4 was an over-reaction you lose 4 1/4 more points on
Wednesday. What about buying this morning? Is the 11 points in two days
an over-reaction so you should buy? Or does the stock have further
to fall. Hard to say.

Newsgroups: misc.invest
From: steinman@hslrswi.hasler.ascom.ch (Jan Steinman - Bytesmiths, 3946)
Subject: How Best To Exchange Currency?
Reply-To: steinman@hslrswi.hasler.ascom.ch
Organization: Ascom Hasler AG
Date: Thu, 17 Dec 1992 07:37:25 GMT

All my income is in a foreign currency, but I will need to periodically change
some of it into dollars -- at least quarterly, to pay my taxes. My credit union
gives a miserable exchange rate, and charges an outrageaus fee.

What is the most efficient way to buy dollars? Can one get a "wholesale" rate
for five-figure quantities, or am I better off keeping individual transfers
below $10,000 to avoid federal "drug money" reporting requirements?

Please email -- I'll summarize and report back in a week or so.

---
: : Jan Steinman, Bytesmiths			   steinman@hasler.ascom.ch : :
: : 2002 Parkside Court, West Linn, OR 97068-2767 USA	    +1 503 657 7703 : :
: : Beundenfeldstrasse 35, CH-3013, Bern, Switzerland	    +41 31 999 3946 : :

Newsgroups: misc.invest
From: suhre@meltami.dsd.trw.com (Maurice E. Suhre)
Subject: 87 Crash (was "Market efficiency")
Organization: TRW, INC.
Date: Sat, 19 Dec 1992 01:10:19 GMT

In article <BzE43t.D4t@cs.uiuc.edu> watanabe@cs.uiuc.edu (Larry Watanabe) writes:
>* Oct 19 1987. During the weekend, Baker tells the world
>  that we are going to let the dollar go, because the
>  Germans aren't loosening monetary and fiscal policy
>  as Baker demanded. That Monday, the stock market drops 508 points.

Richard Mogey, I believe, argued that you can
get some handle on what the markets are going
to do by watching the capital flows around the
world.  When Baker announced that the dollar wouldn't
be supported, the capital fled the country and the
market crumbled.


-- 
Maurice Suhre
suhre@trwrb.dsd.trw.com
From: clark@soldev.tti.com (Ralph Clark)
Newsgroups: misc.invest
Subject: Re: Dow high yield - I'm doing it
Date: 11 Dec 92 19:31:02 GMT
Organization: Transaction Technology Inc.

In article <57880017@hpscit.sc.hp.com> lbrodie@hpscit.sc.hp.com (Les Brodie) writes:
>> Here are the figures I saved from 1 Jan 1992:
>
>> Sym  Price    Divd  Yield
>> ---  -----   -----  -----
>> WX   16.25   $1.40  8.62%
>> UK   20.37    1.00  4.91%
>> AXP  21.00    1.00  4.76%
>> GM   27.75    1.60  5.77%
>> S    35.63    2.00  5.61%
>> EK   46.37    2.00  4.31%
>> XON  58.25    2.68  4.60%
>> TX   59.12    3.20  5.41%
>> CHV  68.25    3.30  4.84%
>> IBM  89.37    4.84  5.42%
>
>
>I believe Woolworth was in the list priced between AXP and GM.
>
>Les

I rechecked the figures (above) that I had posted, and discovered that they
were actually the prices from the December 30, 1991, issue of Barron's.
I get the dividend figures from the regular NYSE listings in Barron's, as
opposed to the summary in the Market Laboratory section, which may not
have the very latest dividend amounts.

At the close on Friday, December 27, 1991, Woolworth was eleventh on the
list, yielding 4.24% at a price of $25.50. It closed the year at $26.50.
It appears that there's quite a bit of uncertainty in this strategy with
respect to the, say, 9th through 12th high yielders as to which ones make
the list on the particular day you choose to start the program.

--- Ralph

Ralph Clark (clark@soldev.tti.com) or try (clark%tti.com@NDSUVM1.Bitnet)
From: randy@ve6bc.ampr.ab.ca (Randy Pointkoski)
Newsgroups: misc.invest
Subject: Re: Oil Futures
Date: Tue, 15 Dec 1992 02:33:45 GMT
Distribution: usa
Organization: Nuke a Gay Whale for Jesus, Inc.

pays your money. takes yer chances!
donot play with your cable T.V. money!
 
-- 


Randy J. Pointkoski P.Eng.                       tel: (403) 437-5961
Edmonton, Alberta, Canada                        fax: (403) 436-1686
Newsgroups: misc.invest
From: jli@helios.physics.utoronto.ca (Jin Li)
Subject: Re; Triple Witching this Friday!
Originator: root@helios.physics
Organization: University of Toronto Physics/Astronomy/CITA
Date: Thu, 17 Dec 1992 20:55:37 GMT

>paul@panix.com (Paul Gatker)  writes:

> Does anyone expect any _unusual_ happenings coming up Friday? It being
>the third Friday of the month and options _and_ futures are coming due
>on the same day. 

> Does the year always end with a triple witching?
> Why is it called a triple witch day? Is their a third thing that comes
>due besides options and futures? Pork bellies perhaps?   :-}

Some financial futures, such as those on stock indices, are settled in cash.
When a contract is settled in cash, it is marked ro market at the end
of the last trading day and all positions are declared closed.  The settlement
price on the last trading day is the closing spot price of the underlying
asset, thus ensuring that futures price converges to the spot price.

One exception to the rule is the S&P 500 futures contract.  This bases the 
final settlement price on the opening price of the index the morning after
the last trading day.  This is to avoid some of problems connected with
the fact that STOCK INDEX FUTURES, STOCK INDEX OPTIONS, and OPTIONS ON STOCK
INDEX FUTURES  all expire on the same day.  Arbitraguers often take large
offsetting positions in these THREE contracts and there may be chaotic
trading and significant price movement toward the end of an expiration
day as they attempt to close out their positions.  The media has given the
term "triple witching hour" to describe trading during the last hour 
of an expiration day. 

Ted Liu

Newsgroups: misc.invest
From: cs101a64@ih-nxt04.cso.uiuc.edu (cs101 student)
Subject: Re: Oil Futures
Organization: University of Illinois at Urbana
Date: Sat, 12 Dec 1992 21:21:08 GMT

In article <2387@sdrc.COM> pmchapm@sgipm3.sdrc.com (john chapman) writes:
> Keywords: 
> 
> A friend of mine had an interesting idea, and I thought I might get 
> some opinions on it.  It seems that during the gulf war, the price
> of oil per barrel shot up to $45 or so from around $18.  Now, its 
> nearer to the $18 per barrel price I think.   His plan was to invest
> a couple hundred bucks into oil futures hoping that Saddam would
> get cocky and pull something as soon as Clinton steps in.  I'm not
> sure how he calculated this, but he said that if the price went to 
> just $35 per barrel, a $100 investment would soar to the multiple 
> thousands in value.  Could someone verify or nullify this calculation,
> and voice some opinions on the plan as a whole?
> 
> Thanks,
> John
You can also lose a Perot-size fortune in the futures market.  The futures  
market (as well as options, puts, calls, and commodities, which I know  
almost nothing about) is so risky that one tick can send you joining the  
ranks of the homeless.  A better way to bet on higher oil prices is to  
keep a large part of your money in a money market fund.  Rising oil prices  
would trigger higher inflation.  This would trigger higher interest rates  
and rising yields on money market funds.  This plan is ultra-safe, and  
would be even safer if you stick with money funds that only invest in U.S.  
Treasury securities (but I believe that money market funds' risks are only  
theoretical).  The stock market would crash in an oil crisis, and when the  
DJIA and S&P 500 flirt with their book values (they are now at 2.5 and 3  
times book value, respectively), you will be able to find hundreds of  
stocks selling for less than 2/3 book value, including top-quality growth  
stocks.  Any value investor will tell you that these grossly undervalued  
growth stocks that appear at major market bottoms (like 1974 and 1982)  
offer the potential to multiply many times, and with less risk than many  
of today's top-quality utilities.
From: Edward_Engler@transarc.com
Newsgroups: misc.invest
Subject: Re: What is wrong with MicroSoft ?!!!
Date: 14 Dec 92 09:29:27 GMT
Article-I.D.: transarc.sf=C2L30BwwD5mkEYc
	<Bz7MvH.8wH@unccsun.uncc.edu>
Organization: Carnegie Mellon, Pittsburgh, PA


Another reason may be that one (or more?) of the major brokerage firms
just downgraded it from a buy to a hold (or was it speculative buy) due
to new price pressures (especially in Europe), which they expect will
have a detrimental effect on earnings next year.

Ed Engler
From: merrill@stein.u.washington.edu (Gregory Merrill)
Newsgroups: misc.invest
Subject: Re: Fidelity Ultra Service
Date: 17 Dec 92 19:20:48 GMT
Organization: University of Washington

clong@romulus.rutgers.edu (Chris Long) writes:


>I'm considering starting a Fidelity Ultra Service account; any good
>or bad experiences with this?  Looks good from what I've seen.
>-- 
>Chris Long, 265 Old York Rd., Bridgewater, NJ  08807-2618

>"S.B., with an I.Q. of 161, failed to complete his course of study,
>running away instead with his professor's wife."
>H. J. Eysenck, _Know Your Own I.Q._

I have had an Ultra Service Account for about 4 months now, and have been
rather happy with the account and Fidelity.  Email me if you have particulars

For all those who care, I ordered the Fidelity Onnline Software which allows
you to trade online, when I get it, I'll post a little review for the rest of you.......


Greg Merrill
merrill@stein.u.washington.edu
From: yoon@meaddata.com (Yoonho Ha)
Newsgroups: misc.invest
Subject: Re: IBM Turnaround?
Date: 17 Dec 1992 15:41:09 GMT
Organization: Mead Data Central, Dayton OH
Distribution: usa
NNTP-Posting-Host: jaguar.meaddata.com

In article <4f=wMK_00WBNQ4sGFn@andrew.cmu.edu>, mj00+@andrew.cmu.edu (Mark Jakubowycz) writes:
|> >To me the crucial thing is mainframes.  Mainframes are extinct (he said,
|> >expecting disagreement) but many inside and outside IBM don't know it yet.
|> 
|> 
|> You hit a major point. MAINFRAMES.... and for this reason IBM is dead.
|> They make a different product but still think mainframes......
|> 
|> 
|> RIP IBM
|>              [                        |    A boat is a hole in   ]
|>              [   Mark Jakubowycz      |    the water surrounded  ]
|>              [ (mj00+@andrew.cmu.edu) |    wood into which one   ]
|>              [                        |    throws money.         ]

In regards to the US, mainframes are on the way out, but wouldn't the 
mainframe business do well in Europe, since the technology in a lot of 
those countries are still in the development stages.

Just a thought.

-- 
|Yoonho Ha                       (513) 865-1305| If at first you  |
|Mead Data Central            Data Enhancements| don't succeed,   |
|9555 Springboro Pike         yoon@meaddata.com| redefine success |
|Miamisburg, Ohio 45342 ...!uunet!meaddata!yoon|                  |
|______________________________________________|__________________|
From: watanabe@cs.uiuc.edu (Larry Watanabe)
Newsgroups: misc.invest
Subject: Re: NAIC....
Date: 20 Dec 92 18:10:23 GMT
Organization: University of Illinois, Dept. of Comp. Sci., Urbana, IL

hacker@access.digex.com (Dark Hacker) writes:

>In article <6075@rosie.NeXT.COM> James_Conley@NeXT.COM writes:
>>
>>	Basically, if you've read three books on investing, you've probably  
>>heard all the NAIC stuff before ...  If you're looking for heavy stock
>> information, I'd recommend  >something like Technical Analysis of Stocks
>> and Commodities magazine....

>This brings up an interesting question.  Among the many MANY "get
>rich quick" and "how to succeed" books cluttering Crown and other
>book stores I wonder what book titles are good for understanding:

>1) The US Economy
>2) Wall Street stock trading
>3) Other markets (options, futures)

>Not the dry textbook stuff.  Factual yet entertaining.  Informative
>yet not overwhelming in useless trivia.  It should have a sweet
>bouqette with a hint of apple and... 

How about "Sex and Money"
by John Spooner? He also wrote "Confessions of a StockBroker"
under the pseudonym "Brutus". The anecdotes are based on his
personal experiences, although the names have been changed
to protect the guilty. You can pick up a lot of useful information
on how Wall Street works.

Incidentally, John Spooner also has a good reputation as a 
stock picker, and has been featured on Wall Street Week.

Along a similar vein is "Mind over Money", which gives
a series of stories about hypothetical investors.
The focus is how they meet their psychological needs
through investing. Like, the story of one hapless individual
who is guilty about the money he has hidden from the IRS,
and keeps investing it in gambling stocks so that he 
will lose it. But, the stocks keep going up ..

>oops... wrong newsgroup.

>Anyway.  Any favorites?  I've looked at the Barrons books on
>"Finance"  "Economy" etc and gosh they're dry as sand.

>- Hacker

>-- 
>Dark Hacker @ Black Silicon, Fortress Of Computation
>hacker@black-silicon.mclean.va.us

>"Life itself is... COMPUTATION!"
From: elkordy@acsu.buffalo.edu (Mohamed Elkordy)
Newsgroups: misc.invest
Subject: Re: Snapple - Does it really go public Tuesday?
Date: 15 Dec 92 15:49:21 GMT
Distribution: na
Organization: UB

vida@crsa.bu.edu (Vida Jakabhazy) writes:

>I was wondering if anyone knows for sure if Snapple is going public
>tomorrow?

>vida@crsa.bu.edu

And what would be the symbol for it and on which market.  I am playing
the Wall Street Journal Investment challange, and I might like to do
snapple IPO game.


thanks for the responses


elkordy
Newsgroups: misc.invest