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Frequently Asked Questions (FAQS);faqs.336



F47     AB20.LARC.NASA.GOV

and

ZMODEM          File transfer between Vax and Unix/PC/Amiga computers.
                Availability:   S14, F15

S14     [e-mail]
F15     WSMR-SIMTEL20.ARMY.MIL

F = FTP
S = Mail Server

That's all I could find with a quick look.

Dick Munroe
--------------------------------------------------------------------------------
,ZOO

>Subject: Where to get ZOO v2.10 for MS-DOS, Unix and VMS
>From: [e-mail] (Keith Petersen)
>
>It seems that no matter how often this information is posted, someone
>will ask for it again in 2 or 3 days.  PLEASE save this article!
>
>SIMTEL20:
>=========
>ZOO version 2.10 (needed for extracting files posted in Usenet
>newsgroup comp.binaries.ibm.pc) is available via anonymous FTP from
>WSMR-SIMTEL20.ARMY.MIL (192.88.110.20) or mirror sites OAK.Oakland.Edu
>(141.210.10.117), wuarchive.wustl.edu (128.252.135.4), ftp.uu.net
>(137.39.1.9), nic.funet.fi (128.214.6.100), src.doc.ic.ac.uk
>(146.169.3.7) or archie.au (139.130.4.6), by e-mail through the
>BITNET/EARN file servers, or by uucp from UUNET's 1-900-GOT-SRCS.
>See UUNET file uunet!~/info/archive-help for details.
>
>Garbo:
>======
>If you do not know how to go about getting this material, users
>are welcome to email [e-mail] (Timo Salmi) for the prerecorded
>garbo.uwasa.fi instructions (long, circa 29Kb).  North American users
>are referred to the garbo mirror on wuarchive.wustl.edu.  Australian
>users are referred to the archie.au mirror.  The mirrors may lag
>occasionally, or might not have all the files.  If you do not receive
>Timo's reply within five days, please ask your own site's system manager
>to construct a returnable mail path for you.
>
>Directory PD1:<MSDOS.ZOO>
> Filename   Type Length   Date    Description
>==============================================
>ZOO210.EXE    B   55721  910712  Dhesi's make/extract/view ZOO archives, 910712
>
> 73461 Jul 12  1991 garbo.uwasa.fi:/pc/arcers/zoo210.exe
>
>Directory PD8:<MISC.UNIX>
> Filename   Type Length   Date    Description
>==============================================
>ZOO210.TAR-Z  B  246115  910714  Dhesi's make/extract/view ZOO archives, C src
>
>237093 Aug  8  1991 garbo.uwasa.fi:/unix/arcers/zoo210.tar.Z
>
>Directory PD8:<MISC.VAXVMS>
> Filename   Type Length   Date    Description
>==============================================
>ZOO210.ARC    B  289193  910801  Dhesi's make/extract/view ZOO archives, C src
>
>289193 Jul  5  1991 garbo.uwasa.fi:/vms/arcers/zoo210.arc
>647168 Jun 24 13:42 garbo.uwasa.fi:/vms/arcers/zoo210.tar
>
>Keith
>--
>Keith Petersen
>Maintainer of the MSDOS, MISC and CP/M archives at SIMTEL20 [192.88.110.20]
>Internet: [e-mail]     or       [e-mail]
>Uucp: uunet!umich!vela!w8sdz                          BITNET: w8sdz@OAKLAND
--
Dick Munroe                Internet: [e-mail]
Doyle Munroe Consultants, Inc.        UUCP: ...uunet!thehulk!munroe
267 Cox St.                Office: [phone]
Hudson, Ma. USA                FAX: [phone]

GET CONNECTED!!! Send mail to [e-mail] to find out about DMConnection.
Xref: bloom-picayune.mit.edu misc.invest:33569 news.answers:4572
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From: [e-mail] (Christopher Lott)
Subject: misc.invest FAQ on general investment topics (part 1 of 2)
Message-ID: <[e-mail]>
Followup-To: misc.invest
Summary: Answers to frequently asked questions about investments.
         Should be read by anyone who wishes to post to misc.invest.
Originator: [e-mail]
Keywords: invest, stock, bond, money, faq
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Organization: University of Kaiserslautern, Germany
Date: Mon, 14 Dec 1992 05:00:14 GMT
Approved: [e-mail]
Expires: Mon, 11 Jan 1993 05:00:06 GMT
Lines: 967

Archive-name: investment-faq/general/part1
Last-modified: Mon Dec 14 06:00:02 MET 1992
Compiler: Christopher Lott, [e-mail]

This is the general FAQ for misc.invest, part 1 of 2.

This FAQ discusses issues pertaining to money and investment instruments,
specifically stocks, bonds, and things like options and life insurance.
For extensive information on mutual funds, see the mutual fund FAQ, which
is posted regularly to misc.invest and maintained by [e-mail]
Subjects more appropriate to misc.consumers are not included here.

Disclaimers:  This information is guaranteed to change over time and is
probably out of date already.  Mention of a product does not constitute
an endorsement.  Answers to questions closer to the bottom of the list
may rely on information given in prior answers.  Readers outside the USA
should not necessarily rely on US-800 telephone numbers.  All prices are
listed in US dollars unless otherwise specified.

This FAQ is freely distributable, is posted every 14 days, and is available
from the news.answers archive on host rtfm.mit.edu.  Using FTP, fetch the
files "/pub/usenet/news.answers/investment-faq/general/*"   If you don't
have FTP access, send an e-mail request to "[e-mail]"
with the body "send usenet/news.answers/investment-faq/general/*"
No other FTP archive is currently known to the compiler for misc.invest
information and programs.

Please send comments and new submissions to the compiler.

-----------------------------------------------------------------------------

TABLE OF CONTENTS FOR THIS PART
    Sources for Historical Stock Information
    Beginning Investor's Advice
    American Depository Receipts (ADR)
    Beta
    Books About Investing (especially stocks)
    Bull and Bear Lore
    Computing the Rate of Return on Monthly Investments
    Computing Compound Return
    Discount Brokers
    Dollar Cost and Value Averaging
    Direct Investing and DRIPS
    Future and Present Value of Money
    How Can I Get Rich Really Quickly?
    Hedging
    Investment Associations (AAII and NAIC)
    Life Insurance

-----------------------------------------------------------------------------

Subject: Sources for Historical Stock Information
From: [e-mail], [e-mail], [e-mail],
    [e-mail], [e-mail], [e-mail],
    [e-mail]

There are no free sources for historical stock information on the Internet.

Paid services include:
    + Prodigy.  US$13/month for basic service includes 15 minute delayed
      quotes on stocks at NO additional charge.
      Available via local dial-up all over the US.

    + Compuserve.  US$7.95/month for basic service includes 15-mi delayed
      quotes on stocks and options at no additional charge.  Historical
      quotes are available for an additional charge.  Available via local
      dial-up all over the US.

    + Genie.  US$4.95/month for today's closing quotes. Genie Professional
      service (price not given) gives historical quotes, stock reports,
      different investment s/w, access to Charles Schwab and online trading.

    + Farpoint. ($4 or $8/week for an IBM-compatible diskette) provides
      daily high, low, close, and volume for for approximately 6000 stocks.
      They offer historical data from 1 July 89 to present.  Write to
      Farpoint, 3412 Milwaukee Avenue, Suite 477, Northbrook, Illinois 60062.

    + Historical Data Services in Kansas City, MO.  They carry stock quotes,
      commodities, indexes, mutual funds.  Daily stock quotes, per year: $0.75
      Contact them at 800-677-7369.

    + Dow Jones News Retrieval.  Stock, bond, mutual, index quotes as well
      as news articles on companies, and misc. analysis packages.  US $25
      per month flat rate for the after hours service (8pm-5am local time).
      Available via dailup over Tymnet and SprintNet; available via Internet.

    + Standard & Poor's Compustat (most complete and most expensive).

    + Disclosure's "Compact Disclosure" on CD (only $6,000 a year).

    + Value Line's Database

Bulletin Boards for historical stock information include:
    + The Farpoint BBS in Chicago keeps about 3 years back data on a
      boatlaod of stocks.  Free use up to 2 hours a day, they ask for
      a contribution.  Quotes updated weekly.  [ Phone number? ]

    + The Business Center BBS in San Diego carries most issues on the
      NYSE, NASDAQ, and AMEX.  It is free but limits on-line time to
      20 minutes.  Phone number is [phone].

 [ Compiler's note:  Anyone have a list of other sources?  ]

-----------------------------------------------------------------------------

Subject: Beginning Investor's Advice
From: [e-mail], [e-mail]

Investing is just one aspect of personal finance.  People often seem to
have the itch to try their hand at investing before they get the rest
of their act together.  This is a big mistake.  For this reason, it's
a good idea for "new investors" to hit the library and read maybe read
three different overall guides to personal finance - three for different
perspectives, and because common themes will emerge (repetition implies
authority?).  Anyway, what I'm talking about are books like:

  Madigan and Kasoff, The First-Time Investor, ISBN 0-13-942376-1
  Andrew Tobias,
     [Still] the Only [Other] Investment Guide You Will Ever Need.
         (3 versions with slightly different titles, all very similar.)
  Sylvia Porter's
  Money magazine's Money Guide

Another good source is the Mutual Fund Education Alliance (MFEA); write
them at MFEA, 1900 Erie Street, Suite 120, Kansas City, MO 64116.

What I am specifically NOT talking about is most anything that appears
on a list of investing/stock market books that are posted in misc.invest
from time to time.  You know, Market Logic, One Up on Wall Street,
Beating the Dow, Winning on Wall Street, The Intelligent Investor, etc.
These are not general enough. They are investment books, not personal
finance books.

Many "beginning investors" have no business investing in stocks.  The
books recommended above give good overall money management, budgeting,
purchasing, insurance, taxes, estate issues, and investing backgrounds
from which to build a personal framework.  Only after that should one
explore particular investments.  If someone needs to unload some cash in
the meantime, they should put it in a money market fund, or yes, even a
bank account, until they complete their basic training.

While I sympathize with those who view this education as a daunting task,
I don't see any better answer.  People who know next to nothing and
always depend on "professional advisors" to hand-hold them through all
transactions are simply sheep asking to be fleeced (they may not actually
be fleeced, but most of them will at least get their tails bobbed).  In
the long run, you are the only person ultimately responsible for your
own financial situation.

-----------------------------------------------------------------------------

Subject: American Depository Receipts (ADR)
From: [e-mail]

An American Depository Receipt is a share of stock of an investment in
shares of a non-US corporation.

For example, BigCitibank might purchase 25 million shares of a non-US
stock. Call it EuroGlom Corporation (EGC).  Perhaps EGC trades on the
Paris exchange, where BigCitibank bought them.  BigCitibank would then
register with the SEC and offer for sale shares of EGC ADRs.

EGC ADRs are valued in dollars, and BigCitibank could apply to the
NYSE to list them.  In effect, they are repackaged EGC shares, backed
by EGC shares owned by BigCitibank, and they would then trade like any
other stock on the NYSE.

BigCitibank would take a management fee for their efforts, and the
number of EGC shares  represented by EGC ADRs would effectively
decrease, so the price would go down a slight amount;  or EGC itself
might pay BigCitibank their fee in return for helping to establish a
US market for EGC.  Naturally, currency fluctuations will affect the
US Dollar price of the ADR.

Dividends paid by EGC are received by BigCitibank and distributed
proportionally to EGC ADR holders.  If EGC withholds (foreign) tax on
the dividends before this distribution, then BigCitibank will withhold
a proportional amount before distributing the dividend to ADR holders,
and will report on a Form 1099-Div both the gross dividend and the
amount of foreign tax withheld.

Most of the time the foreign nation permits US holders (BigCitibank in
this case) to vote their shares on all or most issues, and ADR holders
will receive ballots which will be received by BigCitibank and voted in
proportion to ADR Shareholder's vote.  I don't know if BigCitibank has
the option of voting shares which ADR holders failed to vote.

Having said this, however, for the most part ADRs look and feel pretty
much like any other stock.

-----------------------------------------------------------------------------

Subject: Beta
From: [e-mail],[e-mail],[e-mail]

Beta is the sensitivity of a stock's returns to the returns on some market
index (e.g., S&P 500). Beta values can be roughly characterized as follows:

b < 0        Negative beta is possible but not likely.  People thought gold
        stocks should have negative betas but that hasn't been true

b = 0        Cash under your mattress, assuming no inflation

0 < b < 1    Dull investments (e.g., utility stocks)

b = 1        Matching the index (e.g., for the S&P 500, an index fund)

b > 1        Anything more volatile than the index (e.g., small cap. funds)

b -> infinity    Impossible, because the stock would be expected to go to zero
        on any market decline.  2-3 is probably as high as you will get

More interesting is the idea that securities MAY have different betas in
up and down markets.  Forbes used to (and may still) rate mutual funds
for bull and bear market performance.

Here is an example showing the inner details of the beta calculation process:

Suppose we collected end-of-the-month prices and any dividends for a
stock and the S&P 500 index for 61 months (0..60).  We need n + 1 price
observations to calculate n holding period returns, so since we would
like to index the returns as 1..60, the prices are indexed 0..60.
Also, professional beta services use monthly data over a five year period.

Now, calculate monthly holding period returns using the prices and
dividends. For example, the return for month 2 will be calculated as:
             r_2 = ( p_2 - p_1 + d_2 ) / p_1

Here r denotes return, p denotes price, and d denotes dividend.  The
following table of monthly data may help in visualizing the process.
Monthly data is preferred in the profession because investors' horizons
are said to be monthly.
    ===========================================
      #     Date   Price   Dividend(*)   Return
    ===========================================
      0  12/31/86  45.20         0.00        --
      1  01/31/87  47.00         0.00    0.0398
      2  02/28/87  46.75         0.30    0.0011
      .       ...    ...          ...       ...
     59  11/30/91  46.75         0.30    0.0011
     60  12/31/91  48.00         0.00    0.0267
    ===========================================
(*) Dividend refers to the dividend paid during the period.  They are
    assumed to be paid on the date.  For example, the dividend of 0.30
    could have been paid between 02/01/87 and 02/28/87, but is assumed
    to be paid on 02/28/87.

So now we'll have a series of 60 returns on the stock and the index
(1...61).  Plot the returns on a graph and fit the best-fit line
(visually or using some least squares process):

                      |         *   /
               stock  |  *    *  */ *
               returns|    *  * /      *
                      |   *   /    *
                      | *   /*  *     *
                      |   /  *  *
                      | /    *
                      |
                      |
                      +------------------------- index returns

The slope of the line is Beta.  Merrill Lynch, Wells Fargo, and others
use a very similar process (they differ in which index they use and in
some econometric nuances).

Now what does Beta mean?  A lot of disservice has been done to Beta in
the popular press because of trying to simplify the concept.  A beta of
1.5 does *not* mean that is the market goes up by 10 points, the stock
will go up by 15 points.  It even *doesn't* mean that if the market has
a return (over some period, say a month) of 2%, the stock will have a
return of 3%.  To understand Beta, look at the equation of the line we
just fitted:

     stock return = alpha + beta * index return

Technically speaking, alpha is the intercept in the estimation model.
It is expected to be equal to risk-free rate times (1 - beta).  But it
is best ignored by most people.  In another (very similar equation) the
intercept, which is also called alpha, is a measure of superior performance.

Therefore, by computing the derivative, we can write:
     Change in stock return = beta * change in index return

So, truly and technically speaking, if the market return is 2% above its
mean, the stock return would be 3% above its mean, if the stock beta is 1.5.

One shot at interpreting beta is the following.  On a day the (S&P-type)
market index goes up by 1%, a stock with beta of 1.5 will go up by 1.5% +
epsilon. Thus it won't go up by exactly 1.5%, but by something different.

The good thing is that the epsilon values for different stocks are
guaranteed to be uncorrelated with each other.  Hence in a diversified
portfolio, you can expect all the epsilons (of different stocks) to
cancel out.  Thus if you hold a diversified portfolio, the beta of a
stock characterizes that stock's response to fluctuations in the market
portfolio.

So in a diversified portfolio, the beta of stock X is a good summary of
its risk properties with respect to the "systematic risk", which is
fluctuations in the market index.  A stock with high beta responds
strongly to variations in the market, and a stock with low beta is
relatively insensitive to variations in the market.

E.g. if you had a portfolio of beta 1.2, and decided to add a stock
with beta 1.5, then you know that you are slightly increasing the
riskiness (and average return) of your portfolio.  This conclusion is
reached by merely comparing two numbers (1.2 and 1.5).  That parsimony
of computation is the major contribution of the notion of "beta".
Conversely if you got cold feet about the variability of your beta = 1.2
portfolio, you could augment it with a few companies with beta less than 1.

If you had wished to figure such conclusions without the notion of
beta, you would have had to deal with large covariance matrices and
nontrivial computations.

Finally, a reference.  See Malkiel, _A Random Walk Down Wall Street_, for
more information on beta as an estimate of risk.

-----------------------------------------------------------------------------

Subject: Books About Investing (especially stocks)
From: [e-mail], [e-mail], [e-mail],
    [e-mail]

Books are organized alphabetically by author's last name.

Author            Title(s)
-----            --------
Peter Bernstein        Capital Ideas
George S. Clason     The Richest Man in Babylon
Burton Crane        The Sophicated Investor
William Donoghue    No-Load Mutual Fund Guide
Louis Engel        How to Buy Stocks
Norman G. Fosback    Stock Market Logic
Benjamin Graham     The Intelligent Investor, Security Analysis
C. Colburn Hardy    The Fact$ of Life
Jiler            How Charts Can Help You
Gerald M. Loeb         The Battle for Investment Survival
Peter Lynch         One Up on Wall Street
Burton Malkiel        A Random Walk Down Wall Street
Sylvia Porter        New Money Book for the 80s
Pring            Technical Analysis Explained
Claude Rosenberg    Stock Market Primer
L. Louis Rukeyser    How to Make Money in the Stock Market
Charles Schwab        How to be Your Own Stockbroker
John A. Straley        What About Mutual Funds
Andrew Tobias        [Still] Only [other] Investment Guide You'll Ever Need
                  (3 books, very similar titles)
Train            Money Masters, New Money Masters
Venita Van Caspel    Money Dynamics for the 1990s
Martin Zweig        Winning on Wall Street

-----------------------------------------------------------------------------

Subject: Bull and Bear Lore
From: [e-mail]

This information is excerpted from "The Lore and Legends of Wall Street,"
a book by Robert M. Sharp.

During Gold Rush days in California, there were bull fights.  Sometimes
the bull faced a bear instead of a matador.  Bulls throw the bear UP in
the air using their horns to win (kill the bear); bears pull the bull
DOWN to the ground to win (kill the bull).

Somehow these terms became associated with the markets, probably due to
trading in gold-mining stock.  The terms 'bull' and 'bear' then told the
market's direction.

Later, Cornelius Varderbilt fought Daniel Drew for control of the Harlem
Railroad.  Some writer compared their fight to bull-bear fights in
California.  This usage apparently made the terms stick.  BTW, Vanderbilt
eventually won.

-----------------------------------------------------------------------------

Subject: Computing the Rate of Return on Monthly Investments
From: [e-mail]

Q: Assume $X is invested at the beginning of the year into some mutual
   fund or like account, with $Y added to the account every month.
   Now, down the road, if the value at any given month "i" is Vi, what
   conclusions can be drawn from it ?

The relevant formula is F = P(1+i)**n - p((1+i)**n - 1)/i
where F is the future value of your investment (i.e., the value after
n periods), P is the present value of your investment (i.e., the amount
of money you invest initially), p is the payment each period (p is
negative if you are adding money to your account and positive if you
are taking money out of your account), n is the number of periods you
are interested in, and i is the interest rate per period.
You cannot manipulate this formula to get a formula for i; you have
to use some sort of iterative method or buy a financial calculator.

One thing to keep in mind is that i is the interest rate *per period*.
You may need to compound the rate to obtain a number you can compare
apples-to-apples with other rates.  For instance, a 1 year CD paying
12% interest is not as good an investment as an investment paying 1%
per month for a year.  If you put $1000 into each, you'll have $1120
in the CD at the end of the year but $1000*(1.01)**12 = $1126.82 in
the other investment due to compounding.  I always convert interest
rates of any kind into a "simple 1-year CD equivalent" for the purposes
of comparison.

See also the 'irr' program which has been posted to misc.invest several times.

-----------------------------------------------------------------------------

Subject: Computing Compound Return
From: [e-mail], [e-mail]

To calculate the compounded return, just figure out the factor by which
the investment multiplied.  Say $1000 went to $3200 in 10 years.
Take the 10th root of 3.2 (the multiplying factor) and you get a
compounded return of 1.1233498 (12.3% per year).  To see that this works,
note that 1.1233498**10 = 3.2.

Another way of saying the same thing:  In my calculation, I assume all
the gains are reinvested so following formula applies:
    TR = (1 + AR) ** YR
where TR is total return, AR is annualized return, and YR is year. To
calculate annualized return otherwise, following formula applies:
    AR = (10 ** (Log TR/ YR)) - 1
Thus a total return of 950% in 20 years would be equivalent of 11.914454%
annualized return.

-----------------------------------------------------------------------------

Subject: Discount Brokers
From: [e-mail], [e-mail], [e-mail]

A discount broker is merely a way to save money for people who are looking
out for themselves.

According to Charles Schwab, the big difference between them and "the other
guys" is that there is no analyst sitting in the back that will call you up
and encourage you to purchase a stock.  They have people there that can
provide good financial advice--but only if you ask.  If you walk in the door
and say "I want to buy XXX", that's what they'll do.

List of US discount brokers and phone numbers:

Accutrade First National   800 762 5555
K. Aufhauser & Co.         800 368 3668
Brown & Co.                800 343 4300
Fidelity Brokerage         800 544 7272
Kennedy, Cabot, & Co.      800 252 0090  213 550 0711
Barry Murphy & Co.         800 221 2111
Norstar Brokerage          800-221-8210
Olde Discount              800 USA OLDE
Pacific Brokerage Service  800 421 8395  213 939 1100
Andrew Peck Associates     800 221 5873  212 363 3770
Quick & Reilly             800 456 4049
Charles Schwab & Co.       800 442 5111
Scottsdale Securities      800 727 1995  818 440 9957
Stock Cross                800 225 6196  617 367 5700
Vanguard Discount          800 662 SHIP
Waterhouse Securities      800 765 5185
Jack White & Co.           800 233 3411

Here is a table to compare commissions at various discount brokers.  This is
based on commission schedules gotten at various times in 1991 and 1992.  These
tables are for stocks only, not bonds or other investments.

                                           $2000 trades
                     Firm    400@ 5   200@10   100@20    50@40    25@80
             K. Aufhauser  $  43.49 $  27.49 $  25.49 $  25.49 $  25.49
        Pacific Brokerage  $  38.00 $  28.00 $  28.00 $  28.00 $  28.00
         Jack White & Co.  $  45.00 $  39.00 $  36.00 $  34.50 $  33.75
    Kennedy, Cabot, & Co.  $  38.00 $  38.00 $  38.00 $  23.00 $  23.00
            Bidwell & Co.  $  41.25 $  31.25 $  27.25 $  25.75 $  23.50
           Quick & Reilly  $  50.00 $  50.00 $  49.00 $  49.00 $  49.00
            Olde Discount  $  35.00 $  50.00 $  40.00 $  40.00 $  40.00
        Vanguard Discount  $  57.00 $  57.00 $  48.00 $  40.00 $  40.00
       Fidelity Brokerage  $  63.50 $  63.50 $  54.00 $  54.00 $  54.00
           Charles Schwab  $  64.00 $  64.00 $  55.00 $  55.00 $  55.00

                                           $8000 trades
                     Firm   1600@ 5   800@10   400@20   200@40   100@80
             K. Aufhauser  $  90.50 $  61.50 $  43.49 $  27.49 $  25.49
        Pacific Brokerage  $  74.00 $  63.00 $  38.00 $  28.00 $  28.00
         Jack White & Co.  $  81.00 $  57.00 $  45.00 $  39.00 $  36.00
    Kennedy, Cabot, & Co.  $ 123.00 $  63.00 $  38.00 $  38.00 $  38.00
            Bidwell & Co.  $  84.75 $  56.75 $  45.25 $  39.25 $  30.25
           Quick & Reilly  $  79.00 $  79.00 $  79.00 $  79.00 $  49.00
            Olde Discount  $  67.50 $  95.00 $  70.00 $  60.00 $  40.00
        Vanguard Discount  $  82.00 $  82.00 $  82.00 $  82.00 $  48.00
       Fidelity Brokerage  $ 109.00 $ 102.70 $ 102.70 $ 102.70 $  54.00
           Charles Schwab  $ 120.00 $ 103.20 $ 103.20 $ 103.20 $  55.00

                                          $32000 trades
                     Firm   6400@ 5  3200@10  1600@20   800@40   400@80
             K. Aufhauser  $ 194.50 $ 138.50 $  90.50 $  72.50 $  67.50
        Pacific Brokerage  $ 218.00 $ 139.00 $  91.00 $  63.00 $  38.00
         Jack White & Co.  $ 161.00 $  97.00 $  81.00 $  57.00 $  45.00
    Kennedy, Cabot, & Co.  $ 195.00 $  99.00 $ 123.00 $  63.00 $  38.00
            Bidwell & Co.  $ 252.75 $ 140.75 $ 100.75 $  88.75 $  57.25
           Quick & Reilly  $ 222.00 $ 131.40 $ 131.40 $ 131.40 $ 131.40
            Olde Discount  $ 187.50 $ 215.00 $ 135.00 $ 115.00 $  90.00
        Vanguard Discount  $ 156.00 $ 156.00 $ 156.00 $ 156.00 $ 156.00
       Fidelity Brokerage  $ 301.00 $ 173.00 $ 169.90 $ 169.90 $ 169.90
           Charles Schwab  $ 360.00 $ 200.00 $ 170.40 $ 170.40 $ 170.40

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Subject: Dollar Cost and Value Averaging
From: [e-mail]

Dollar Cost Averaging purchases a fixed dollar amount each transaction
(usually monthly via a mutual fund).  When the fund declines, you
purchase slightly more shares, and slightly less on increases.  It
turns out that you lower your average cost slightly, assuming the
fund fluctuates up and down.