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Pastimes : Stock-Picking Challenge

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To: chartseer who wrote (2324)	3/6/2001 4:11:35 PM
From: Jon Tara	Read Replies (1) of 2402

Mutual funds do not hold listed stocks? Boy, that's news to me! NAV is certainly relevant to this discussion. How do mutual funds calculate their NAV? Answer: they use the closing BIDs of the stocks that they hold. It's the only fair way to value a portfolio. This is why your broker uses the closing BID when he marks your margin account to market each day. (Except for SHORT positions, for which they use the closing OFFER.) Conversely, I'd suggest that the contest use the opening OFFERs to determine the cost basis. Boy, did I ever just open ANOTHER hornet's nest, LOL!

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