HDTenEightyP/NetNews huggingface dataset:
From: jld@cbnewsc.cb.att.com (J. L. David)
Subject: Recession or not? (Was: Re: Northern Telecom Stocks)
Organization: AT&T
Distribution: na
Date: Fri, 24 Jul 1992 14:06:40 GMT
Summary: Jobs, Jobs, Jobs

In article <1992Jul23.202953.27747@microsoft.com>, philco@microsoft.com (Phillip Cooper) writes:
> In article <1992Jul22.151607.14434@epas.toronto.edu> gkirikos@epas.utoronto.ca (George Kirikos) writes:
> >
> >Nor-Tel had warned analysts earlier that there would be a drop in
> >earnings for the quarter (due mostly to the recession, as the US
>                                             ^^^^^^^^^^^
> >baby-bells delayed orders for new switching equipment) but earnings
> >were even worse than the newer forecasts.
> >
>     Of course, we are not in a recession.  Nor have we been for a long
> time.  Why is it so hard to distinguish between a recession a period of
> below normal growth??  Our economy, in fact, is growing at present. It has
> been growing for many months.  Just not at the rate we are accustomed.
> 
> Phil 

It is hard to distinguish because of the almost non-existent growth in
jobs.  In the last 5 recessions, in the first 15 months after the trough
there were, on average, 1.6 million jobs created in the economy.  If you
take the trough in this recession as 3/91 (which most economists have done),
the first 15 months of the "recovery" has created only about 250,000 jobs.
The situation is not getting better either.  Before the recession started,
initial claims for unemployment ran between 250,000 and 300,000 per
week.  15 months into this "recovery", initial claims are still running
over 400,000 per week and the number of people out of work longer than
26 weeks continues to grow.  Not only that, the full impact of job cuts
at GM, IBM and other large corporations have yet to hit.

We may not technically be in a "recession" but we certainly are not in
a "recovery" either.  Lord help us if we end up with the same senario
as the 1930s.  The Great Depression was not 10 years of constant
negative growth but a series of recessions followed by anemic recoveries.
You probably have to go back to the 1930s to find a "recovery" this
weak.

Jeff David
From: root@control.austin.ibm.com (/999999)
Newsgroups: misc.invest
Subject: AIM (was  Charles Givens)
Date: 28 Jul 92 13:34:50 GMT
Followup-To: (ready) AIM (fire !!)
Organization: ttmar Ltd., Austin

>AMN, I tried to reply to you but sickbay bounced it.  Can you post or mail
>information about your experience with the AIM methodology?
>Mike Maas
 I a nutshell; AIM IS a trading system as someone on the net described before.
 You have to split your trading equity to two chunks (active and reserves).
 You start by using your active pot to  buy either mutual funds (much prefered) 
 or individual stocks (too much commision). - or futures (just kidding...)
 The buy/sell signals are coming from a percentage of volatility. (he gives
 a formula (that is not very fancy). So if the market goes down you use your
 reserves (the other chunk) and buy an amount determined by the formula.
 If the market rallies you liquidate the same way, the $'s go into the reserves
 pot. Sorry, I can remember the bloody formula, I would give it out, honest..
 I don't believe the formula is a big deal, you can use any volatility figures.
 The main problem is (I think many of you could guess it by now..) What happens
 with a steady declining "dog" stock, or fund ???? I can think of some funds
 or stocks that never came back. (take a look at Subaru of America -SUB ??)
 The standard reply to this is, of course to pick it wisely and only use 
 reputable (semi blue chip) stuff. But the other problem is "stock will bounce 
 back" eventually, but how long it takes can break anybody. 
 You may need some funds, or you may lose your nerve, never mention the loss of 
 opportunity, while you are nursing a loser, you miss a "beutifull swan", (like 
 Microsoft). The system is ok, as long you have a bail-out treshhold for the 
 "dogs", and pick only good cyclical stuff.
 Cheers
 AMN
Newsgroups: misc.invest
From: mlm7395@rigel.tamu.edu 
Subject: Suggestions for a good beginner's book?
News-Software: VAX/VMS VNEWS 1.41    
Organization: Texas A&M University, Academic Computing Services
Distribution: usa
Date: Mon, 27 Jul 1992 18:40:00 GMT

I want to start investing, but I really know very little about it.  Could
someone recommend a good book to give me some idea of where to begin?  I'm sure
I'll get lots of responses, so if you could also point out the strengths and
weaknesses of particular books, I'd appreciate that as well!!!

Thanks in advance!
Monica
Newsgroups: misc.invest
From: swalker@uts.EDU.AU (S Walker)
Subject: A book explaining what the Dow Jones,S&P,...is
Organisation: University of Technology, Sydney, Australia
Organization: University of Technology, Sydney, Australia
Date: Wed, 22 Jul 1992 11:57:01 GMT
Summary: What are these things
Keywords: DJIA,S&P

Anyone recommend a book that tells me stuff like -      
  The number and weighting of stocks that form the DJIA
   "     "     "     "     "     "      "   "    " S&P
  Perhaps an explanation of how the US market operates 
  ANd any general information on the US stock market 
 
Even if this info is in a chapter of a book I don't mind
Thanks
From: rbeville@tekig5.pen.tek.com (Robert E Beville)
Newsgroups: misc.invest
Subject: finbooklist.4 novice investor's
Keywords: suggested reading
Date: 30 Jul 92 22:52:28 GMT
Distribution: usa


	
	Here is the 4th list...
	format = Author, TITLE, Publisher

  Edward Malca     EVERYBODY'S INVESTMENT BOOK           Bantam
  Richard K Riffenbark HOW TO BEAT THE SALARY TRAP       Avon
  Adolph Suehsdorf HOW TO INVEST SAFELY AND FOR PROFIT   Crest Giant
  Michael L Geczi  FUTURES-THE ANTI INFLATION INVESTMENT Discus
  Robert Lichello  HOW TO MAKE $1,000,000 IN THE STOCK MKT.  Signet
  Norman Dacey     WHAT'S WRONG WITH YOUR LIFE INSURANCE     Collier Book
  Nicolas Darvas   HOW I MADE $2,000,000 IN THE STOCK MKT.   Pan Books ltd
  Mary Elizabeth Schlayer
  .                HOW TO BE A FINANCIALLY SECURE WOMAN      Ballentine
  Janet Low        UNDERSTANDING THE STOCK MARKET            Bantam
  Morton Schulman  ANYONE CAN MAKE A MILLION                 Bantam
  Faye Henle       MAKE YOUR MONEY GROW                      Award Books
  Thomas J Holt    TOTAL INVESTING     			   Popular Lib
  Richard E Ball   READINGS IN INVESTMENTS                   Allyn & Bacon
  Erich A Helfert  TECHNIQUES OF FINANCIAL ANALYSIS          RichardIrwin
  Peter Wysong     HOW YOU CAN USE THE WALL STREET INSIDERS  Wilton House
  Sidney Walton    SECRETS OF SPECULATION                  Profit Research
  Staff of Barrons HOW TO SURVIVE A BEAR MARKET            BARRONS...
  .... Guthman     ANALYSIS OF FINANCIAL STATEMENTS        MCGraw Hill
  Leon B Allen     A METHOD FOR STOCK MARKET PROFIT
  .                WITHOUT PRICE FORCASTING                Doubleday
  Linhart Stearns  HOW TO LIVE WITH YOUR INVESTMENTS        Simon&Schuster
  Lucille Tomlinson SUCESSFUL INVESTING FORMULAS 		  BARRONS...
  Peter Wyckoff    THE PSYCHOLOGY OF STOCK MARKET TIMING    Prentice Hall
  David Dreman     CONTRARIAN INVESTMENT STRATEGY           Random House
  Edwards & Magee  TECHNICAL ANALYSIS OF STOCK TRENDS       Magee
  Loll & Buckley   THE OVER THE COUNTER SECURITIES MARKETS  Prentice Hall
  Arnold Bernard   THE VALUATION OF COMMON STOCKS           Simon&Schuster
  Paul Jessup      COMPETING FOR STOCK MARKET PROFITS       Wiley
  Gilert Edmund Kaplan THE MONEY MANAGERS 		  Dell
  
all for now, guys, 
Momma 'n' da chillun need Nikes...
that's -OWARI- from GLOWWORM-7-9-4
best regards, rbeville@tekig5.PEN.TEK.COM
Bob Beville, Tektronix, Inc., Beaverton, OR 97077  
Newsgroups: misc.invest
From: ssr@cypress.com (Bapcha/FPGA)
Subject: Re: Should we limit the shorts life time.
Organization: Cypress Semiconductor, San Jose, CA
Distribution: na
Date: Mon, 27 Jul 1992 23:18:36 GMT

In article <1992Jul27.140826.9815@cbnewsc.cb.att.com> jld@cbnewsc.cb.att.com (J. L. David) writes:
>
>the "uptick rule."  Ever hear of it?  You can only short stock on a uptick -

[misc stuff deleted]

I thought the uptick rule applied only to NYSE - and was only recently
introduced on the NASDAQ.  I think you still can short in the AMEX
when there is NO uptick.....

Correct me if I am wrong....


-- 
Bapcha - A very bad boy from Cypress Semiconductor
3901 N.  First Strasse
San Jose,  CA 95134, 408-943-2719
From: timlee@public.btr.com
Newsgroups: misc.invest
Subject: Re: which newspaper?
Date: 28 Jul 92 05:03:22 GMT
Reply-To: timlee@btr.com (Timothy J. Lee)
Followup-To: misc.invest
Distribution: usa

erlebach@icase.icase.edu (Gordon Erlebacher) writes:
|Does anybody have any opinion concerning a choice between the 
|two following newspapers:  The Wall Street Journal, and the
|Investor's Daily.  From what I hear, the latter contains more detailed
|information on individual companies, and many types of economic indicators
|in the form of charts.  Comments are welcome.

Try them in the library before you buy.
From: txl@teradata.com (Tuan Le)
Newsgroups: misc.invest
Subject: Re: MacFrugal: Business Week Recommendation
Date: 23 Jul 92 01:36:33 GMT
Reply-To: txl@tdat.teradata.com (Tuan Le)
Distribution: usa
Organization: Teradata Corp., El Segundo, CA

In article <MARVIT.92Jul22111220@cattell.psych.upenn.edu> marvit@cattell.psych.upenn.edu (Peter Marvit) writes:
>In article <1992Jul12.021817.6602@news.nd.edu> dkulkarn@haydn.helios.nd.edu (Dinesh Kulkarni) writes:
>
>	   In last week's Business Week, MacFrugal (NYSE) was recommended.
>   So I was following its price over the last week.  On Friday, the stock
>   crossed its 52-week low to establish a new low (10+ I don't remember
>   the exact price).  Since BW had analyzed it in some detail, I am curious
>   if anyone knows what was the reason for the drop on Friday.
>
>What type of company if MacFrugal and what is its NYSE abbreviation?  My
>glance at the paper didn't reveal anything close to that name.
>
>--
>: Peter Marvit <marvit@cattell.psych.upenn.edu>
>: Psychology Dept.,  University of Pennsylvania

This company was Pick and Sav on OTC.  Its old symbol was PICN.  It's now listed on NYSE.  My first guess for its symbol would be PIC.
-Tuan
Newsgroups: misc.invest
From: keith@iscp.Bellcore.COM (Keith Hawkins)
Subject: Answer to: "What is MacFrugal?"
Reply-To: keith@iscp.Bellcore.COM (Keith Hawkins)
Organization: Bell Communications Research (Bellcore)
Distribution: usa
Date: Wed, 22 Jul 92 18:50:29 GMT

In article <MARVIT.92Jul22111220@cattell.psych.upenn.edu>,
marvit@cattell.psych.upenn.edu (Peter Marvit) writes:
|> In article <1992Jul12.021817.6602@news.nd.edu>
|> dkulkarn@haydn.helios.nd.edu (Dinesh Kulkarni) writes:
|> 
|> 	   In last week's Business Week, MacFrugal (NYSE) was recommended.
|>    So I was following its price over the last week.  On Friday, the
|> stock
|>    crossed its 52-week low to establish a new low (10+ I don't
|> remember
|>    the exact price).  Since BW had analyzed it in some detail, I am
|> curious
|>    if anyone knows what was the reason for the drop on Friday.
|> 
|> What type of company if MacFrugal and what is its NYSE abbreviation? 
|> My
|> glance at the paper didn't reveal anything close to that name.
|> 
|> --
|> : Peter Marvit <marvit@cattell.psych.upenn.edu>
|> : Psychology Dept.,  University of Pennsylvania


If I'm not mistaken,  (the ultimate disclaimer)
MacFrugal is the new corporate name for 
what was formerly known as Pic N' Save.

Which is a discount department store kind of
like Marshall's or Bradlee's for those who are 
familiar with those chains.
From: eck@panix.com (Mark Eckenwiler)
Newsgroups: misc.invest
Subject: Re: Morningstar HELP!
Date: 29 Jul 92 20:56:29 GMT
Organization: Culturale Elit

In <5243@transfer.stratus.com>, halpin@sw.stratus.com sez:
>In article <barrett.712417355@cc.gatech.edu>, barrett@cloudgen1.gatech.edu (James Barrett) writes:
>> Morningstar is a paper about mutual funds.  They publish ratings of
>> funds every quarter or so.  They call their ratings "risk-adjusted
>> performance" ratings.  That means that a low-risk, low-return fund
>> and a high-risk, high-return fund will both get an average rating,
>> because that is what they are expected to return given the risk
>> they take.  The ratings are on a scale of 1 to 5 and are only 
>> applied to funds which have a 3-year history (thus all the NA entries).
>> 
>	Which way does the scale go? Is a '1' better than a '5' rating? Or
>the other way arround?

While I don't know anything about these ratings, the fact that
Steadman Oceanographic gets a 1 is a pretty good indicator that 5 is
more desirable.


-- 
      I am George Bush, miwwionaire.  I own a mansion and a yacht.

	Mark Eckenwiler    eck@panix.com    ...!cmcl2!panix!eck
Newsgroups: misc.invest
From: federkin@rtsg.mot.com (John Federkins)
Subject: Hedging your ARM with S&P options
Organization: Motorola Inc., Cellular Infrastructure Group
Date: Thu, 23 Jul 1992 13:32:57 GMT


As the saying goes,"When interest rates are low, stocks will grow.
When interest rates are high, stocks will die."

Therefore, I was wondering if anyone tried hedging an adjustable-rate
mortgage by shorting the S&P 500 (or similar) by selling calls and
buying puts?  It seems feasible that proper investing in this manner
over the long haul would give you a net mortgage rate (when you include
your options losses/gains) consistently and significantly lower than
the going fixed rate mortgages.  What you would need to do is invest
a certain percentage of what the ARM vs fixed-rate saves you per month.
And hopefully, if your ARM rate goes above what you could have gotten
for a fixed rate, your gains in options will more than cover the difference.
 
Does anyone know of a good source of information that shows the 
correlation between stock market advances/declines and interest rate
increases/decreases?

Please feel free to blast or support this theory as necessary.
Thanks,

JF


-- 
------------------------------------------------------------------------
   "The sooner you fall behind, the more time you have to catch up!"
John Federkins				Cellular Infrastructure Division
Motorola, Inc.				Arlington Heights, IL
Newsgroups: misc.invest
From: lib@cbnews.cb.att.com (Lib)
Subject: Re: Guinness info
Organization: AT&T
Date: Thu, 23 Jul 1992 19:55:04 GMT

In article <1992Jul23.153341.21900@iscnvx.lmsc.lockheed.com> shelly@iscnvx.lmsc.lockheed.com (Sheldon Kay) writes:
>
>Guinness on the London exchange selling around $10. (US) is expected
>to try and get on the NYSE. They are one of the worlds largest 
>liquor companies with their fingers in name stuff other than 
>Guinness beer. Last year sales were 7B and profits at 1B, showing a hefty
>increase from previous year. They want on to the NYSE because the London
>market is kind of dead.
>
>Any comments from the net???


Warren Buffett has invested heavily in Guinness via Berkshire Hathaway.
He's considered pretty savvy by some.
From: bhoughto@sedona.intel.com (Blair P. Houghton)
Newsgroups: misc.invest
Subject: Re: Need Rate of Return formulas
Date: 25 Jul 92 18:51:38 GMT
Organization: Intel Corp., Chandler, Arizona

In article <12452@inews.intel.com> bhoughto@sedona.intel.com (Blair P. Houghton) writes:
>As for the ROR:
>	m(t) = m(0) * (1+APR/100*k)^t
>so
>	APR = 100*k*[(m(t)/m(0))^(1/t) ]
                                      ^oops; subtract 1, here.

				--Blair
				  "It just smelled of Ivan Boesky..."
Newsgroups: misc.invest
From: cordova@CS.MsState.EDU (Jose Cordova)
Subject: Re: Free stock market analysis software
Reply-To: cordova@CS.MsState.EDU
Organization: Mississippi State Univ., CS Dept.
Date: Tue, 21 Jul 1992 21:02:28 GMT

In article 20257@bmers145.bnr.ca, louis@bmerh596.bnr.ca (Louis Leung) writes:
>
>Does anybody know if I can get any free stock market analysis software
>on the network. 

Someone posted this list a while ago :

    The following is a directory listing of the "finance" directory on
Directory PD1:<MSDOS.FINANCE>WSMR-SIMTEL20.ARMY.MIL (192.88.110.20).
Use ANONYMOUS as your login and give your email address as your password.

 Filename   Type Length   Date   Description
==============================================
AMORTZ13.ZIP  B  103600  910816  Amortz v1.30: Financial loan calculation
BAM300.ZIP    B  162506  911021  Bank Account Manager: Checkbook accounting pgm
CAPGAINS.ARC  B   57047  890408  Calculate capital gains
CHEKFREE.ARC  B  229622  881226  Electronic banking by modem is here!
CIO11.ZIP     B  229119  910819  CHEQUE-IT-OUT v1.1: Personal money mgmt system
CONSOL21.ZIP  B  114931  900402  Financial mgt: Mutual funds/stocks/bonds/cash
CPGNZ22.ZIP   B  301504  910830  Capital Gainz v2.2, investment portfolio mgr
CPGNZD.ZIP    B   86448  910830  Capital Gainz v2.2, documentation files
DDMTG.ZIP     B   14535  900427  Canadian mortgage amortization month by month
INT108.ZIP    B   84275  910414  Interest/Amortization/Depreciation analyzer
MFSWAP12.ARC  B   73814  890207  Dalton Mutual Fund Model v1.2
MFTRACK3.ZIP  B  171002  910713  Mutual Fund Tracker V3.0, Buy/Sell/Hold advice
MKMST431.ZIP  B  283583  910630  'Market Master' analyze stocks, bonds, mutuals
PCA71.ARC     B   75397  900201  Easy to use personal checking account program
PCHECK22.ZIP  B   31302  910716  Prints personal checks & keeps a database v2.2
RSA202A.ZIP   B  196496  910828  Stock analyzer, screen/performance comparison
SA251A.ZIP    B   35509  900421  Fundamental analysis of stock balance sheets
SPRM24.ZIP    B   88355  900323  Stock Portfolio manager,store/manipulate/print
WALST535.ZIP  B  188983  901226  Wall Street stock-tracker & portfolio analyzer
XCHK23.ZIP    B  129058  910428  Check writing and checkbook management program
From: rbeville@tekig5.pen.tek.com (Robert E Beville)
Newsgroups: misc.invest
Subject: insure-RIPOFF-ance
Keywords: whole -vs- term
Date: 28 Jul 92 18:53:14 GMT
Article-I.D.: tekig7.6331
Distribution: usa


	For an interesting treatment on life insurance, I direct you 
	to the books authored by Venita Van Caspel.  There are several
	editions over the years with titles like _Money Dynamics_,
	_The Power of Money Dynamics... or 
	Money Dynamics for the 80s, etc.  with discussion and interest rates
	edited for the then-current rates... A recent edition is surely
	at a public library near you...

	Old additions of the book can be found at used book stores and
	the GOOD-WILL thrift shops, etc... Old editions will not be stale
	on this topic, tho...

	A chapter on life insurance, in her first book, was titled:
	LIFE INSURANCE - THE GREAT AMERICAN FRAUD.   Some insurance
	commissioners had sales of the book banned in their state...
	she got around it in the next printing by changing FRAUD to
	DILEMMA...

	Anyway, shes got the analysis of several forms of insurance
	policies down really good... one of her references is a 
	July 1979 study done by the staff of the Federal Trade Comm.,
	Bureau of Consumer Protection, title: "LIFE INSURANCE COST
	DISCLOSURE"  ((( call the commission, they will deny its
	existence )))  In the report they studied the return of
	cash value policies versus years held. Here's the table:
	--years held----- rates of return---
	.    5           -9% to -19%
	.   10           -4% to +2%
	.   20           +2% to +4.5%

	The report claims the industry wide average rate of return
	of all cash value
	policies held was 1.3 per cent. and policyholders were deprived
	of $3.7 Billion in investment income if invested elsewhere.

	If this is considered with today's inflation rate-- YOU HAVE
	A NEGATIVE RETURN!!!

	Rates for premium payments are derived from actuarial or
	Mortality tables, based on your age, right?  But what actuarial
	study?   Up until 1941, insurance companies used the death rates
	of the American Experience Table, a study of death rates between
	years 1843 and 1858.  In 1941, they adopted the 1930 to 1940
	rates... before penicillin!... by one table a man 35 years old
	today would be paying 356 percent more for the same insurance
	as by todays 1958 CSO table... by the other he pays 180 percent
	more.  

	This ought to give you an idea that it is a good read.  The rest
	of the book ain't bad, either. It is in the recommended financial
	booklist I posted a while back... See ya.


	that's -OWARI- from GLOWWORM-7-9-4  ( HOTEL-PAPA-5-3-BLACK )
	best regards, rbeville@tekig5.PEN.TEK.COM
	Bob Beville, Tektronix, Inc., Beaverton, OR 97077
Newsgroups: misc.invest
From: ff76@vaxb.acs.unt.edu
Subject: German/Eurpean bond mutual fund.
Organization: University of North Texas
Date: Wed, 29 Jul 1992 19:25:19 GMT

Could anyone suggest a mutual fund (no load, preferably) that specializes in
German bonds or in case no such animal exists, could there be an European bond
fund?  If you have the information, I'd very much appreciate knowing what kind
of bonds (short, long, intermediate term) they carry, the fees/expenses, and
the minimum investment amount.

Thanks, in advance.        - Jhinuk.

Jhinuk Chowdhury

University of North Texas
FF76@VAXB.ACS.UNT.EDU
From: timlee@public.btr.com
Newsgroups: misc.invest
Subject: 401k plans
Date: 26 Jul 92 23:19:56 GMT
Distribution: usa

I am wondering what the typical characteristics of a 401k plan are
and how much variation between different plans there is.
For example:

1.  What is the contribution limit and matching amount?
2.  How many investment choices are there, and what kinds of
    are they (e.g. stock fund, bond fund, GIC (blecch), etc.)?
3.  Customer service considerations, such as (a) information about
    choices, (b) clarity of statements, (c) ability to change
    choices, etc.
4.  Fees and expenses.  Are fees and expenses disclosed up front?
From: brian@baja.Corp.Sun.COM (Brian Edge)
Newsgroups: misc.invest
Subject: Everex
Date: 28 Jul 1992 18:44:27 GMT
Organization: Sun Microsystems, Inc.
Distribution: world
Reply-To: brian@baja.Corp.Sun.COM
NNTP-Posting-Host: baja.corp.sun.com

Does anyone know whats going on with Everex stock?  Its down to 2 3/8 right
now.

Thanks

Brian 



Newsgroups: misc.invest
From: kass@elvis.ils.nwu.edu (Alex Kass)
Subject: Re: Charles Schwab Mutual Fund Clearing House
Organization: The Institute for the Learning Sciences, Evanston, IL
Distribution: usa
Date: Mon, 27 Jul 1992 20:20:33 GMT


In article <84Tv02i01b6A01@JUTS.ccc.amdahl.com> nyp00@cd.amdahl.com (Nicholas Y. Pang) writes:

   I read from a recent financial newsletter that Charles Schwab Discount
   Brokerage
   has recently announced that customers can now invest in any of 80 or
   more
   mutual funds at NO charge.  The fee for the service will come from each
   participating fund company. Schwab receives 0.25% of all assets brought
   in
   under this program.

   I am a Schwab customer but has not received any annoucement as such. Anybody
   heard about this? If so, which companies are in this program?

   -- 
   Nicholas Pang         nyp00@cd.amdahl.com       
   Amdahl Corporation    nyp00@outs.ccc.amdahl.com 

I read about this in a recent New York Times article. Everything you
read in the newsletter was in the Times article as well.  I believe
that they mentioned another brokerage (White?) that was offering a
similar deal as well.

One point that the article made was that the 0.25% fee paid by the
fund to the brokerage, would not necessarily drive up the fund's
expenses (much) since that expense is offset (at least in part) by the
savings to the fund that accrues from having the brokerage service the
account. (Fewer statements to send out; fewer phone calls to answer,
etc.)
  

--

                                         -Alex