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To: DOUG H who wrote (27072)	4/15/1999 8:15:00 AM
From: Art Bechhoefer	Read Replies (1) \| Respond to of 152472

Round lots are more important for purchases on the New York Stock Exchange. NYSE uses a specialist system, and the prices you see quoted are for round lots. Odd lot transactions force the buyer to pay 1/4 point more and the seller to receive 1/4 point less. On NASDAQ, however, there is a different system for trading, which makes no distinction in the number of shares traded. Thus, what you pay for 32 shares, for example, should be the same as you would have paid for 100 shares, in terms of price per share. The commission on small purchases, however, may be considerably higher in percentage terms. Still, people like to think in round numbers, so they are more likely to want to buy 100 shares than 32. Art

To: DOUG H who wrote (27072)	4/15/1999 8:44:00 AM
From: Labrador	Read Replies (1) \| Respond to of 152472

percerption from the novice investor that is buy and hold.

To: DOUG H who wrote (27072)	4/15/1999 8:46:00 AM
From: Sawtooth	Respond to of 152472

OT<<why would someone not buy a stock because of the inability to buy round lots of 100?>> Another reason I've encountered is that some people think a stock at $100 is overpriced, one at $25 is fairly priced, and one at $3 must be an outstanding bargain; a truly undiscovered gem. Reminds me of friends in the banking business who talk about people coming in for consumer loans (house, car, boat, ...). They frequently want to know one thing only: How much are the monthly payments? Don't want to know how long the term of the loan is; not interested in the interest rate or other transactions costs. I think there might be an illustrative parallel here with those who buy stocks based primarily on the cost per share. FWIW. ...Tim