Bid /Ask Spreads - Market Manipulation Message Board

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Non-Tech : Bid /Ask Spreads - Market Manipulation

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To: Sajjad who wrote (202)	11/12/1996 10:47:00 PM
From: Louis Cornell	of 308

To all: I've been reading the 200+ messages in this thread and have a few humble observations. Most of the people complaining loudest about MM's and specialists say very little about the underlying fundamentals of their investment. If the success of your investment hangs on "spread manipulation", you are (1) a day trader (2) in an illiquid stock or (3) not confident in your investment decision. If you believe your investment is "rigged", then may I suggest T-bills? I have bought stocks with 3/4 and even 1 point spreads and made thousands. I place market orders almost always, and I've been a successful investor for years. I do momentum investing and I do value investing...I do short term (1 day - 3 weeks) and long term (3 weeks to nine months). I invest in what will make me a profit. Question: If the MM's and specialists can artificially lower the stock price, why is that a problem? Doesn't it mean (assuming you have done your homework) that you are now getting a bargain price and that the MM is a fool? I'm glad the harsher criticism of MM's has abated somewhat, compared to the histrionic Forbes article. They have to earn a living you know, and not all are crooks. Common sense prevails. regards, Louis

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