Qualcomm Incorporated (QCOM) Message Board

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Technology Stocks : Qualcomm Incorporated (QCOM)

QCOM 178.29

-1.6%

Dec 12 9:30 AM EST

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To: JohnG who wrote (43203)	10/4/1999 1:03:00 PM
From: T L Comiskey	Read Replies (1) of 152472

< On Volatility>.........OT..............................SHORT TERM TRADERS DOMINATE MARKET The Internet, and the popularity of trend-following investment styles, have lead to an explosion in short term trading strategies. In a recent article in the New York times John Bogle, the founder and senior chairman of the Vanguard Group, discussed this trend and some of the problems it creates for investors. Bogle notes that the annual turnover rate for equities has risen to a half-century high of 95%, closing in on the all-time high of 119% recorded in 1929. This means the average investor holds a share of stock on average for only one year. Stock trading over the Internet is now said to account for more than 20% of all market volume, and on every business day of 1999, investors have traded some 1.5 billion shares. In 1960, the turnover rate was just 12% and a longer term outlook was the norm, with a holding period of six or seven years. Much of the current trading activity comes from institutional managers according to Bogel, who noted that "once characterized as long-term investors, most fund managers can now be fairly described as short-term speculators."

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