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Strategies & Market Trends : A.I.M Users Group Bulletin Board

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To: JZGalt who wrote (8167)	8/12/1999 10:55:00 AM
From: OldAIMGuy	Read Replies (1) of 18928

Hi Dave, My TWE experience dates to about 1993 when they were still independent and traded under the WHO symbol. I opened an account with them and started simultaneously trading their stock. Made nice money with the stock right through the buy-out by T-D Bank. However, I elected to sell out of the stock rather than take the T-D stock. When the market really gets creamed the brokerage stocks are great buys. It takes a couple of months of decidedly bearish market to really get the fat trimmed, however. I like to see the brokers trading between 30% (for the big houses) and 60% (for the heavy retailers) off their highs. Then I beg, borrow and steal all the cash I can and buy into this sector. What people seem to forget is that brokers make money whether the market's going up or down. The only time they slow is when people slow their trading. There's not been anything like that sort of period in a decade or so. These new INSTANT bear market never send the traders into hibernation. I don't know if this will always be true, but it is for now. If TWE and its parent aren't too tight with their $$$ and continue to improve their internal infrastructure to match their competition and be in sync with the 'Net's constantly improving speed and capacity, they should continue to bring in market share. Competition will be fierce. I remember the Prodigy story all too well. IBM and Sears were WAY out front with the early Prodigy! However, since neither IBM or SEARS were making any money a while ago, they pulled back on their expenditures at Prodigy since it didn't generate positive earnings. Well, we all know about the AOL story. They absolutely ran away with that part of the market. Let's hope that the folks at T-D Bank understand this recent bit of history! As always, thanks for your contributions here. Best regards, Tom

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