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To: Richard Query who wrote (17115)	11/6/1998 8:17:00 AM
From: Ron McKinnon	Respond to of 53068

obsession du jour most of your know I sometimes am like a bulldog with a bone; I get ahold of something and just refuse to let go the last two stocks were GCO and NITE GCO I traded this one almost every day, but never got the full 10K truck loaded in my "hold" account in the mid 4 to mid 5 range well I'm now down to my last 2k; may hold it long term or may sell with a 6 7/8 stop; not sure NITE this one moved from 20 to 7 to 12 to 4.50 back to 12 I've been on it twice during the big swings sold off way too soon on this last run up and only have a small piece left from 6 1/8 will watch it for a fall back to the 8 area to get on it again now, here is a possible candidate for a new one; 50/50 chance of becoming an obsession TAXI these guys are a finance company, for NYC cab medallions; also have a huge % of the cab rooftop advertising market every cab in NYC must have a "medallion" basically the permit to drive a cab there is a limit of something like 13,000 cabs allowed in the Big Apple a medallion costs something like $180,000 TAXI finances the purchase of the medallion my memory says that they have never had a bad debt writeoff; they simply foreclose and resell the medallion to someone else TAXI is a Regulated Investment Company so must pay out 90% of income as dividends at a $1.20 annual div the payout is 8% on a stock price of 15 the price rose from 12 to 30 over the last few years; dropped a lot and is now in the 12-18 range earnings yesterday were .30 vs ests of .32 and .25 last year one broker downgraded it to long term attractive they are looking to grow from their $400mm asset base by now entering the asset based market I'm iffy on that move anyway, I like this as both a trading stock and a long term hold if one wanted to hold say 2000 I'd look to phase in with 200-15.25; 400-14.25, 600-13.25, 800-12.25 in addition would look to day trade some of it while building up the hold position caution: the spread is big on this; only use limit orders near the bid to get in, near the ask to get out do your own DD, I am often wrong