Amazon.com, Inc. (AMZN) Message Board

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Technology Stocks : Amazon.com, Inc. (AMZN)

AMZN 229.60

+1.5%

3:59 PM EST

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To: Mama Bear who wrote (101170)	4/16/2000 2:33:00 PM
From: Bill Harmond	Read Replies (1) of 164684

If a 10-pound bag of potatoes is driven down 60%, a potato is driven down 60%, and vice versa. There is no way for HOLDRS to trade at a discount or premium for more than a few moments. The future delivery date is three days. The trustee is buying or selling-off the underlying assets in real time. He doesn't know whether the sales are from longs or shorts. I can't figure out any other way this would work. HOLDRS are basically an open-ended mutual fund with a claim on the individual assets. The trustee is the buyer and seller of last resort and he squares his position. Anyone can create new HOLDRS by depositing component issues in the right proportion, too.

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