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To: DuGen who wrote (2300)	3/5/2001 8:07:44 PM
From: Jon Tara	Read Replies (1) of 2402

The bid is NOT a "wanna-be" price. The bid is the best price that anybody is willing to pay. Thus, portfolios are traditionally priced at the bid, NOT at the last trade. This particularly matters with illiquid stocks in dealer markets (NASDAQ). The last price might have been a member of the public buying from a dealer. In an illiquid stock, it is very unlikely that you could ever realize that price.

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