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Non-Tech : E*Trade (NYSE:ET) -- Ignore unavailable to you. Want to Upgrade?

To: Spytrdr who wrote (8595)	9/27/1999 9:00:00 AM
From: Spytrdr	Read Replies (1) \| Respond to of 13953

Prince Alwaleed's Son, Trading Stocks Online, Tops Dad's Return Bloomberg News September 27, 1999, 2:08 a.m. PT Prince Alwaleed's Son, Trading Stocks Online, Tops Dad's Return Riyadh, Saudi Arabia, Sept. 27 (Bloomberg) --Nearly every day, after lunch in his father's 317-room palace, Prince Khaled Bin Alwaleed heads to his computer and logs onto ETrade. The 21-year-old son of billionaire investor Prince Alwaleed Bin Talal says he's done quite well in the online account he opened last December, doubling his money to $300,000. By contrast his 42-year-old father gained only 21 percent. Still, he beat the 18 percent rise in the Dow Jones Industrial Average and the value of his investments rose to $14.5 billion from $12 billion. ``If anyone beats me, he's the only one I'm happy to see do it,' said Alwaleed, the single biggest shareholder of Citigroup Inc., Apple Computer Inc. and others. The younger prince, who wears baseball caps and speaks with an American accent, remains modest over his investing acumen. ``I'm doing pretty good, and he's doing pretty good, too, I think,' he said with a chuckle. Khaled takes college courses at Alwaleed's Riyadh palace that are taught by faculty flown in from the University of New Haven in Connecticut. Alwaleed's business, Kingdom Holding Co., pays Khaled a salary, from which he took about $66,000 to open a brokerage account with ETrade Group Inc. Contributions from a friend, with whom he shares the account, increased the total to $100,000, and they have since borrowed $50,000 through the service to trade ``on margin.' Khaled said he brought his account to $300,000 through buying and selling computer-related shares. ``I pretty much do some Internet stocks that I don't think my dad would touch because they're up and down,' Khaled said. ``I go in and out, in and out,' trading shares of three or four companies. His investments have included America Online Inc., Compaq Computer Corp. and Dell Computer Corp., he said. His best bet was CMGI Inc., a company that invests money in Internet businesses and is up threefold this year. Khaled plans to finish his bachelors degree in May 2000, then work for his father in Riyadh for a year or so before moving to the U.S. for graduate school. ``I'm thinking about information management,' he said, ``not majoring in business.'