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Non-Tech : Bid /Ask Spreads - Market Manipulation
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To: Robert Everett who wrote (6)8/15/1996 11:52:00 AM
From: Earl Gipson   of 308
 
Bob,

I have not been active in the stock market for many years (1980) and I was very lucky when I was. The NASDAQ still has the stocks I am most interested in, yet I find the latest disclosure of practices by the brokers and market makers disturbing. I had always wondered why I paid more for stock than the spread even though I did well with them over time. Now I know.

I have begun to get very serious about this and laboriously reading 10-k's. One of the investors of this group, Thomas J. Engelsma, mentioned finding "funnies" in some these documents indicating some deception or misrepresentation. Are there as many marginal practices in these filings as there are manipulations in the NASDAQ? What are some things to look for?

Furthur, "momentum investing" sounds rather suicidal unless you can do this full time or have a hell of a lot of money to burn. It appears, even if you buy into the trend and decide to sell at the premier time, you may not be able to get out until all the market makers have disapeared with most of the profit or at least a significant "cut."

Do you have any other recommendations for reading material in addition to Serpent on the Rocks?

Thanks to all for my continuing education.

Earl


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