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To: ViperChick Secret Agent 006.9 who wrote (48103)	7/20/1998 11:29:00 AM
From: Electric	Respond to of 58727

Lisa, A guy like Patrick needs some humbling. The tamale joke was a pure inside play, and if you ask him, I bet he goes to a local joint when people arent looking and fills up. I know how he works.. :#}

To: ViperChick Secret Agent 006.9 who wrote (48103)	7/20/1998 11:41:00 AM
From: Patrick Slevin	Respond to of 58727

I mentioned on P-Mail that listening to a burrito packer is like listening to a pizza-flipper in Newark's North Ward telling me he went long cheese futures because he noticed a sales increase in pies with extra cheese; using the profits to buy that previously-owned Yugo at the curb.

To: ViperChick Secret Agent 006.9 who wrote (48103)	7/21/1998 8:32:00 AM
From: SE	Read Replies (1) \| Respond to of 58727

Lisa and all, The omega list has been discussing the issue, why trade futures???? The argument is that there are so many stocks and that many of them are easy set-ups to scalp a point or two very easily. The discussion has gone along the lines of risk, ease of trading (level II now etc...), and analysis. One thing they are missing that is a biggie in my book is the tax advantage of trading futures. I do not want to get into a big long tax disussion, however, I wanted to mention the benefit of the future markets here for those that might not know. Back in the early '80s futures were used for some kind of a tax dodge. This is before my time and I don't understand it, but brokerage houses had experts set up to help eliminate a tax bill by futures trading around year end. The Congress shut this down, but Rostenkowski having a strong lobby from the CME and CBOE put into legislation the 60/40 rule. This is huge! It means that from any futures contract you get a 60% long term capital gain treatment and 40% short term treatment. Doesn't matter if you only held it for 5 minutes, the taxes follow a 60/40 split. What this means to a futures trader is in essence a higher return than the stock trades. Top marginal rate Stock Trading Future Trading 28% 28% 23% 31% 31% 24% 36% 36% 26% 39.6% 39.6% 28% With short term stock trading you are taxed at ordinary income rates. With futures trading it is a blend and a simple analysis leads to the above tax rates depending upon the bracket. If you are in the top bracket you keep 11.4% more of your money than you do trading stocks. In the lowest bracket you keep 5% more. Not chump change. -Scott