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To: MonsieurGonzo who wrote (5443)	2/9/1999 5:00:00 PM
From: smolejv@gmx.net	Read Replies (1) \| Respond to of 11051

Churning suspicions - Another sharp point from MG - touche, pussy cat

To: MonsieurGonzo who wrote (5443)	2/9/1999 9:25:00 PM
From: Berney	Respond to of 11051

MG, That was an excellent point. I had not even considered the churning issue. I cannot tell you how many abuses of churning that I've seen in a quarter century of preparing tax returns. Didn't seem like the compliance departments helped these folks at all. In fact, it seemed (and still does) that the system encouraged it. But, you are right, I only win if I beat the Index, and I'm limited to investing long only and without leverage. In this case, it is not the journey that counts but only the destination. Since none of the dudes posted to my message to DJ (5428), I took it over to the BK thread. Boy, those bears are testy. <g> Berney

To: MonsieurGonzo who wrote (5443)	2/9/1999 9:31:00 PM
From: Trading Machine	Read Replies (1) \| Respond to of 11051

MG, thanx for the insight. Now I understand, although this would tend to put brokers like Jack White and Waterhouse in the form of white knights trying to save the little ole lady from the big bad MM and I have a VERY difficult time painting either of these houses that coulor. Maybe the employees are tasked with guarding this activity if they detect it. This doesn't explain my situation though. When I started with Jack White last summer I traded at will in a relatively small cash - no margin - account. The first time I had a multiple trade for the same stock in the same day they whacked my knuckles and would not allow on-line trading. I could trade, but it had to be through a human at the increased rate. Needless to say I let my feet do the walking. I went from Jack White to Waterhouse where I got whacked for the same thing. Exit stage left. Upon making application to Datek they said "No Problem" - send money! Since Nov. 98 I have made approximately 300 trades, so I guess they have benefited from this. HA Thanx again, Paul Sorry I was confused as to whom I was responding. I should have also noted that Berney is my mentor and "father confessor of all investing sins". He got me started in this business and now I can't quit - not that I want to. Since starting in Nov 98 my account is up 68% and YTD for 99 is +30% (I screwed up last week). This result is primarily due to Berney and secondarily to the wonderful phone system we are able to invest in. Kiss a telphone tonight!