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Biotech / Medical : Ligand (LGND) Breakout! -- Ignore unavailable to you. Want to Upgrade?

To: Vector1 who wrote (13482)	1/19/1998 9:15:00 PM
From: TomOrt	Respond to of 32384

There was an interesting article in I.B.D. a couple weeks ago regarding the benifit of being invested at the right time. Seems the number one mutual fund last year made about 75% ( don't remember exact figures ) but if you were out of the fund on the #1 up day, your return dropped about 20%. BUT, if you missed the five top days, you saw a return of less than 13%. Not being especialy nimble, I'll stay in LGND and that way I won't miss the moves, when they come. TomOrt

To: Vector1 who wrote (13482)	1/20/1998 4:17:00 PM
From: Proton	Respond to of 32384

Re: Me, Running out of Things to Say? Your point about the tax deferral is a well-taken one. OTOH, we've discussed one important alternative to trading in a tax-oblivious manner (tax-advantaged accounts), and there are others: shorting against the box (less appealing than it used to be, but still useful) and options (both to reduce capital in use and to hedge common stock positions) are two that come to mind. The difficulty is making the trading decisions. Most people are not good at it. On the matter of trading style and time-horizons, I think we're at a point of agreement on this: one must deploy one's money in the manner with which they are both comfortable and competent. Let me put my devil's advocacy aside for a moment and say that I deploy some of my capital to long-term investments and some to trading. I am still searching for the optimal mix for myself, and, if I find it, I'm certain it will not be useful for anyone else. ;-) Pý

To: Vector1 who wrote (13482)	1/21/1998 11:56:00 AM
From: Proton	Respond to of 32384

Re: [Off Topic] Why I Leave Tax Considerations out of my Analysis... ... I'd spend all my time updating the models for tax code changes! From the WSJ: SUPPORT BUILDS for repealing the 18-month capital-gains holding period. Senate Finance Chairman William V. Roth Jr. endorses the idea of repealing a provision in the tax law enacted last August requiring investors to hold stocks, bonds and other assets for more than 18 months to qualify for the most-favorable, long-term tax treatment. Previously, the threshold was 12 months. House Ways and Means Chairman Archer says he will "consider" repeal of this "complicated" provision that was "insisted on by the administration." I know, I know, hold LGND for a couple of geological epochs until it hits 423,503, and I won't have to worry about holding times. :-) Pý