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To: Jeffrey S. Mitchell who wrote (4116)	1/21/1998 2:21:00 PM
From: tech	Read Replies (1) \| Respond to of 10786

>> hey, you've made a killing investing in ALYD over the last year << No, I think the killing has been made in "trading" ALYD.

To: Jeffrey S. Mitchell who wrote (4116)	1/21/1998 3:19:00 PM
From: Andrew Vance	Respond to of 10786

I have to admit that I should have consulted with you before making my move but the core block of stock is intact. The shares sold were those purchased in the "average down" investment pattern I follow with those quality companies I believe in. I may whine about the company at times, which is just human nature, but I try to take advantage of the dips as an opportunity to lower my overall cost basis. As soon as ALYD made it to the NASDAQ, it became marginable for me. IT was iwth that margin that the average down was accomplished. Now that the trade is clear and the cash is offsetting the margin, the extra capital allowed me to purchase 1,000 shares of a stock I felt underweighted in and a few thousand shares of IMES since it has retreated some. I am not upset that I did what I did and will not look back. But as seems to be my karma or M.O., the issue of timing once again factors into this transaction. Who knows what the next 2 days may bring<GGG>. IF it is true to form, the $20 resistance level could conceivably be overcome real soon. If so, it will become known, henceforth, as the "Vance Factor" of investing.<GGG> I haven't made the statement in 1998 yet, so I will now. When interviewed by a financial periodical many years ago, Bernard Baruch was asked what he attributed his investment success to. His response was something to the effect of: "I have had the misfortune of buying too soon and not at a stock's low and then mistakenly selling it prior to it reaching its high point." I know you catch my drift, Jeff. Even so, I never totally bail out of a stock without real good reason. Taking profits when presented in a short time frame has been a trademark for me and such was the case here. Especially when you have other places dying for your attention. Greed can maim you when it goes unchecked. Having targets and sticking to them has made me successful in my endeavors. Greed in 1997 allowed me to make a few bad decisions (like complete liquidation of UTEK at $29 and then comeback to it last week at $19). Again, I am very positive on ALYD but the timing felt right for me to take these shares off the table. Remember that I took NETC, ESLTF, and my trading BYDS shares off the table to play with some ADPT. All 3 stocks are $0.75 to $ 2.50 off from where I sold and ADPT is up close to $4. It was a great move and if I want to, I could take the ADPT off the table and get back into the 3 stocks mentioned. I estimate the delta is a paper gain of close to $10K vs a paper loss of close to $14K, for a $24K swing in fortunes. Who knows, maybe ALYD will calm down a $1 to $1.50 as profit taking occurs and allow the same scenario to occur.<GGG> Andrew