| To: Maywood who wrote (403) | 5/16/2001 9:33:09 PM | | From: E.J. Neitz Jr | | | | | First, you need $100,000 min in account. Second, the allocation is then made on trading activity and how long the account has been open. If you do get an IPO, and you flip it within a day or two, you will not get further IPO's for a few months. Also, the least attractive the IPO, the more assured you will get an allocation. The best IPO's only get a very small allocation to CSFBdirect. I have received about 3 allocations last year after indicating an interest in about 6. I flipped them and they cut me off for a few months(no notice-just suspicion). Hope that helps. Ed |
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| To: E.J. Neitz Jr who wrote (404) | 5/17/2001 3:03:38 PM | | From: Maywood | | | | Thanks for the response.
I have the 100K minimum. If they based the IPO allocation on trading activity and how long the account has been open, it probably wouldn't be worth my while. If I did open an account, it would be with the minimum and I probably wouldn't trade much if at all. If they ever did give me an IPO, I would be fully prepared to hold it for 30 days, as I did all of my E*Trade IPOs I received in '99 and '00. (or whatever the minimum required time, do you know what it is for CSFBdirect? It is 30 days for E*Trade.)
What is the number of shares they give out if you do get some? For E*Trade, in 1999 it was 100 but in 2000 they lowered it to 50 shares (unless it was an IPO no one else wanted!)
On the other hand, even if I got say 4 allocations per year of 50 shares each that went $5 above the IPO price, that would be 1,000 which for a 100K account would be 1%. That would probably make it worth it because that money would just be sitting around in a money market somewhere else anyway.
Do they post their current money market rates on the website? I couldn't find them. |
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| To: Maywood who wrote (405) | 5/17/2001 6:19:05 PM | | From: E.J. Neitz Jr | | | | | Maywood--the mm fund is great--Alliance Capital Management--not on web site, but can get info on the net. Its competitive. On IPO's never hear of a stated policy on holding period. All that I got, I flipped the same day. I never got less than 100 shares. Some I got 0! Overall, they have a lot of research and I like them very much overall. The only strange thing is mm fund interest. Never seems to be really received in one lump a month--it is daily over the month...seems like they are making money on the interest, but not much an issue for me, because I like the site and with the 100k, you do receive preferential treatment. They are top notch. Ed |
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