|To: E.J. Neitz Jr who wrote (404)||5/17/2001 3:03:38 PM|
|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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