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Strategies & Market Trends : Value Investing
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To: Paul Senior who wrote (3378)2/28/1998 1:07:00 AM
From: Paul Senior  Read Replies (2) of 78673
 
Off topic: received a brochure from Brown & Co. today who're starting up their online trading. $5.00 market orders for up to 5000 sh. $10 for limit orders. Wow. Beats what I'm aware of - about 1/25 of the price of my last trade with a full service broker and much less than any of the discount brokers I use. I bring this to your attention. Not to tout, recommend or not recommend or otherwise pronounce judgment on Brown or discount vs. full service. Only to point out how easy -- maybe too easy-- it's become to get in and get out. The casino vig. just got a lot lower IMO. Going to be so easy to take that flyer. Even for 12 yr. old kids -g-. Just about the cost of a couple of lottery tickets. Still, for guys moving around within a diversified portfolio, it can be of much help. Also even for people with concentrated portfolios who turn 'em once or twice a year. Maybe for everybody we can expect increased volatility in our portfolios or individual stocks. Maybe not. If it - low commissions - encourages people to get out when stocks are tanking -- then I guess that would help the value buyer (or speculator) to get in while there is down pressure on the stocks from the sellers. Similarly on way up, lets people who are afraid of the heights they see, to get out and yet also inexpensively get back in. I don't do options, futures, etc. but maybe that's the alternative many people have been using now.
One thing I do know, these inexpensive commissions let me - encourage me actually - to lag into a position very inexpensively and also let me go into a goodly number of them. I like that.
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