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To: RFH who wrote (98)	1/21/2000 1:55:00 PM
From: Bernie Goldberg	of 221

Since the sells were at a higher price $$ were taken out of the investment. This reduced the total amount invested. Suppose you bought 1000 shares of XXX at $10. When it gets to 15, you sell 500 shares (500*15)which equals $7500. You now have 500 shares left with only $2500 at risk because you have taken $7500 out of equation and removed it from risk. If you were to start an AIM program with these 500 shares your average cost per share would be $2500 divided by 500 or $5.00 per share. (Initially, Portfolio control equals the amount at risk.)In this case 2500. The only difference between this example and your relative's is that she did more than one transaction.

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