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To: John Cuthbertson who wrote (13285)	8/4/1998 7:16:00 AM
From: gdichaz	Read Replies (1) \| Respond to of 152472

A note on taxes: Yes, in my experience over the years the attempt to wait just a couple of weeks or days - such as from sometime in Dec to Jan (the next tax year) or until hit the long term - 1 full year - lost money for me in comparison to selling when I had decided to sell and to hell with the tax consequences. Just a fact. Now, admit that my style is to pick emerging technology trends and then choose a couple of leaders I think should benefit. Then I try to move to the one doing the best. Otherwise, I only sell when I think the fundamentals are changing or have changed. So in a way my experience is probably a bit skewed by that. Clearly if all things are equal, taxes should be taken into account - but controlling, no. Just IMO. Chaz PS Find that the "advice" re picking stocks and riding their growth and the historical long term market upward trend vs worry over market swings is right on. As usual, find Gregg's approach makes sense to me. But then as that is hardly a surprise. :-)

To: John Cuthbertson who wrote (13285)	8/4/1998 10:06:00 AM
From: Jon Koplik	Respond to of 152472

John - the reason NOT to let taxes determine when you exit a trade is exactly what you would think -- while you are waiting, the "thing" in question can move in price more than enough to make the taxes irrelevant. (My own experience with this was with a large position in T-bill futures spreads in December 1980. Short term interest rates were somewhere around 20%, T-bill futures spreads were moving as much as 40 ticks a day, short term capital gains were taxed as high as 70%. I "only" had to make it through something like 11 trading days to get to the next calendar year. During those 11 days, my position reversed enough to affect my whole life. Now, I exit a trade when it makes sense to exit a trade). Jon.