Avtel Communication (AVCO) Message Board

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Technology Stocks : Avtel Communication (AVCO)

AVCO 2.120

+2.4%

Oct 31 3:59 PM EST

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To: Kevin McKenzie who wrote (334)	11/16/1998 2:06:00 AM
From: Jonathan Babb	of 461

Now, it seems NASD has doomed the current holders to severe losses. (And guaranteed the MM's some tidy profits.) That seems irresponsible of NASD. Sure, blame it on NASD. The point of the market is supposedly to invest in stocks, not play pyramid games. The normal function of the MM is to sell liquidity by buying/selling stock when the market is temporarily imbalanced (either over minutes, hours, days, or even much longer). Just like any broker. NASD stepped in because the market was not functioning correctly. Anyone that bought AVCO for a long term investment should not be concerned about the halt. However, short term speculators were caught in a risk they should have known was always present if they did their diligence. BTW, the rules are currently to protect both the MM and long term investors on margin. Not speculators or shorts - who cares about protecting them, they are intentionally taking extra risks, not buying insurance. They don't want protection that lowers their risk because that protection will generally also lower their prospective return. That said, it is neat that online gambling is legal. Jon

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