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Strategies & Market Trends : The Final Frontier - Online Remote Trading
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To: OX who wrote (9903)4/9/2002 10:05:32 PM
From: Dan Duchardt  Read Replies (1) of 12617
 
OX,

a smart guy like u let a ML FC talk u into buying one of their own products (holdrs)?!?

Becoming a smart guy sometimes involves getting reamed enough times that you eventually wake up to the fact that you are dealing with an industry whose primary purpose is to turn your money into their money, and they are not too fussy about the tactics they use to accomplish that purpose. Hopefully, while one is still dumb they are at least a bit cautious and do not over-expose themselves to the garbage they are being fed. I think I will survive.

as I understand it, you don't own a UIT that owns the individual shares, but rather, it is just like OWNING THE INDIVIDUAL SHARES (since you get individual proxies to vote, 10-K's, etc.).

Yep. The flood of mail was quite astounding.

now what is this 2% premium you're talking about? the holdrs are supposed to trade at their fair value.

I won't go back to look it up, but my recollection of reading the fine print in the prospectus is that if you were "in" on the IPO you paid a 2% premium for the shares. But hey, back then that was just a one day or less gain in the stocks that could only go up. Obviously I wasn't reading in all the right places or I might have thought better of the whole idea.

Dan
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