Go to Jeff Salisbury LWGate Home Page.From: "Katherine Malm" <kmalm@earthlink.net>
Subject: Re: [CANSLIM] Inst Ownership
Date: Fri, 16 Aug 2002 11:20:42 -0500
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Hi Kelly,
I'm not all that keen on the current ranking systems of mutual funds, =
IBD or Morningstar, as they take *all* funds and assign scores =
accordingly. I found this to be particularly obvious in early 2000, when =
the 3 year track record of aggressive growth funds were A+ and =
value/bond funds were D-. In other words, you're looking at rankings =
that are influenced by what *has* been working in the market, rather =
than the track performance of that fund vs. similar funds. I understand =
Morningstar is in the process of changing their ranking systems for just =
that reason, though I haven't kept up with the progress of those =
changes. (Perhaps somebody here can add their take on this).
So, all in all, I'm leery of simply concluding that Fund xxx is a =
"quality" fund because they have an IBD ranking of A+ and/or a =
Morningstar rating of 5 stars. But, such as it is, it at least give you =
a clue. I personally don't worry too much about this aspect of my =
CANSLIM mining technique, preferring to dig into these details only if =
I've got two candidates tied and am having trouble choosing between =
them, or if I want to be "double extra sure" that all things look right =
for the particular candidate.
On the "Hedge Fund Edge"--I refer to Mark Boucher as "CANSLIM on =
steroids" and consider his book only good for those who already have an =
advanced understanding of investing and CANSLIM. He covers monetarist =
economic theory, money management, risk management, =
entry/exit/selection, etc. In other words, decidedly not a beginner's =
book. However, if you're further along the CANSLIM and investing =
learning curve, I think it's a gold mine of information. Boucher is =
sharp as a tack, has an impressive track record, and has one of the most =
level-headed approaches to investing I've run across next to WON =
himself.
Katherine
----- Original Message -----=20
From: Kelly Short=20
To: canslim@lists.xmission.com=20
Sent: Friday, August 16, 2002 9:56 AM
Subject: RE: [CANSLIM] Inst Ownership
Katherine,
I've used Morningstar's Mutual Fund ratings before and often wondered =
how these ratings were accepted by the group. Have you found their =
ratings to be helpful/accurate and do you weigh IBD's or another =
sources' rating on mutual funds over Morningstar's? Also, seems like I =
remember someone slamming "The Hedge Fund Edge" book a while back- would =
you recommend this book for a reading list?
-----Original Message-----
From: Katherine Malm [mailto:kmalm@earthlink.net]
Sent: Thursday, August 15, 2002 11:44 PM
To: canslim@lists.xmission.com
Subject: Re: [CANSLIM] Inst Ownership
Hi Charley et al,
Mark Boucher (The Hedge Fund Edge) recommends in his work that =
institutional ownership (banks + mutual funds) runs 10-30%. WON seems to =
take a more generalist view of the actual percentage and instead focuses =
on both the quality of ownership and the fact that ownership is =
increasing. As with Boucher, WON considers both mutual funds and banks =
to be "institutional owners."
A great place to check ownership is at:
=
http://moneycentral.msn.com/investor/invsub/ownership/ownership.asp?Symbo=
l=3DSBUX
Then use either the IBD's Mutual Fund ratings or look up ratings at =
www.morningstar.com to take a look at quality of ownership.
-Katherine
From AskIBD (highlighting is mine):
Question
What percentage of a company's shares outstanding should be owned by =
institutions in order for the stock to qualify as institutionally well =
sponsored?
=20
Answer
It's not so much what percentage of a company's stock is owned by =
institutions as the number of institutions that own it. You don't want =
to see just one institution owning it. Any stock you consider purchasing =
should be owned by at least a few mutual funds and preferably one or =
more banks or other institutional investors. Also, look for stocks owned =
by at least one top-rated mutual fund. The better funds research =
companies extensively. So when they buy a stock, it serves as way to =
cross-check how sound the company is.
=20
Question
Can too much institutional sponsorship be a bad thing?
=20
Answer
It depends on the company, their earnings and their products. In =
theory, if a stock is heavily owned by institutions, it doesn't leave =
much for other major investor's to buy and propel the stock higher. But =
if these companies continue to grow, heavy ownership should not create a =
problem.
=20
=20
Question
What is a level of institutional ownership you consider when buying =
a stock? If too many shares are already owned by institutional =
investors, can that hurt a stock's chances of rising?
=20
Answer
It is hard to tell how much institutional ownership is too much. =
Therefore, you should place less weight on this factor. Rather, focus on =
the quality of ownership. You want to see at least a few of the better =
performing mutual funds owning the stock you are considering buying. In =
some cases, however, if too many shares are owned by institutional =
investors, this could be bad. That's because it represents large =
potential selling if anything goes wrong with the company or the general =
market.
=20
=20
=20
=20
----- Original Message -----=20
From: Chazmoore@aol.com=20
To: canslim@lists.xmission.com=20
Sent: Thursday, August 15, 2002 11:11 PM
Subject: Re: [CANSLIM] Inst Ownership
Gentlemen, if I may guide this discussion back to it's beginning, =
I believe I was the one who pontificated that IBD/DGO recommends no more =
than 25% mutual fund ownership, because otherwise there would be =
inadequate institutional capacity left to buy the stock when it started =
to move. In my opinion they use mutual funds because they leave a paper =
trail, and the quality of investment skill can be measured. Other =
institutions, for example life insurance companies, are more difficult =
to evaluate.=20
For most public companies, institutions own most of the =
outstanding float, maybe 80% to 90% (according to Yahoo). Since the bulk =
of the ownership cannot be evaluated as respects investment skill and =
success, WON hones in on that part that can be monitored; the mutual =
funds. He recommends mutual fund sponsorship, but for growth stocks, he =
likes to see the percentage of ownership at less than 25%, and the =
quality of mutual fund ownership, above average.=20
But then, what do I know?=20
Charley=20
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For your protection, this e-mail message has been scanned for =
viruses.=20
Visit us at http://www.neoris.com/=20
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<DIV>Hi Kelly,</DIV>
<DIV> </DIV>
<DIV>I'm not all that keen on the current ranking systems of mutual =
funds, IBD=20
or Morningstar, as they take *all* funds and assign scores accordingly. =
I found=20
this to be particularly obvious in early 2000, when the 3 year track =
record of=20
aggressive growth funds were A+ and value/bond funds were D-. In other =
words,=20
you're looking at rankings that are influenced by what *has* been =
working in the=20
market, rather than the track performance of that fund vs. similar =
funds. I=20
understand Morningstar is in the process of changing their ranking =
systems for=20
just that reason, though I haven't kept up with the progress of those =
changes.=20
(Perhaps somebody here can add their take on this).</DIV>
<DIV> </DIV>
<DIV>So, all in all, I'm leery of simply concluding that Fund xxx is a =
"quality"=20
fund because they have an IBD ranking of A+ and/or a Morningstar rating =
of 5=20
stars. But, such as it is, it at least give you a clue. I personally =
don't worry=20
too much about this aspect of my CANSLIM mining technique, preferring to =
dig=20
into these details only if I've got two candidates tied and am having =
trouble=20
choosing between them, or if I want to be "double extra sure" that all =
things=20
look right for the particular candidate.</DIV>
<DIV> </DIV>
<DIV>On the "Hedge Fund Edge"--I refer to Mark Boucher as "CANSLIM on =
steroids"=20
and consider his book only good for those who already have an advanced=20
understanding of investing and CANSLIM. He covers monetarist economic =
theory,=20
money management, risk management, entry/exit/selection, etc. In other =
words,=20
decidedly not a beginner's book. However, if you're further along the =
CANSLIM=20
and investing learning curve, I think it's a gold mine of information. =
Boucher=20
is sharp as a tack, has an impressive track record, and has one of the =
most=20
level-headed approaches to investing I've run across next to WON =
himself.</DIV>
<DIV> </DIV>
<DIV>Katherine</DIV>
<BLOCKQUOTE dir=3Dltr=20
style=3D"PADDING-RIGHT: 0px; PADDING-LEFT: 5px; MARGIN-LEFT: 5px; =
BORDER-LEFT: #000000 2px solid; MARGIN-RIGHT: 0px">
<DIV style=3D"FONT: 10pt arial">----- Original Message ----- </DIV>
<DIV=20
style=3D"BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: =
black"><B>From:</B>=20
<A title=3Dkelly.short@tx.us.neoris.com=20
href=3D"mailto:kelly.short@tx.us.neoris.com">Kelly Short</A> </DIV>
<DIV style=3D"FONT: 10pt arial"><B>To:</B> <A =
title=3Dcanslim@lists.xmission.com=20
=
href=3D"mailto:canslim@lists.xmission.com">canslim@lists.xmission.com</A>=
</DIV>
<DIV style=3D"FONT: 10pt arial"><B>Sent:</B> Friday, August 16, 2002 =
9:56=20
AM</DIV>
<DIV style=3D"FONT: 10pt arial"><B>Subject:</B> RE: [CANSLIM] Inst=20
Ownership</DIV>
<DIV><BR></DIV>
<DIV><SPAN class=3D090065514-16082002><FONT face=3DArial =
color=3D#0000ff=20
size=3D2>Katherine,</FONT></SPAN></DIV>
<DIV><SPAN class=3D090065514-16082002><FONT face=3DArial =
color=3D#0000ff=20
size=3D2></FONT></SPAN> </DIV>
<DIV><SPAN class=3D090065514-16082002><FONT face=3DArial =
color=3D#0000ff size=3D2>I've=20
used Morningstar's Mutual Fund ratings before and often wondered how =
these=20
ratings were accepted by the group. Have you found their ratings to be =
helpful/accurate and do you weigh IBD's or another sources' rating on =
mutual=20
funds over Morningstar's? Also, seems like I remember someone slamming =
"The=20
Hedge Fund Edge" book a while back- would you recommend this book for =
a=20
reading list?</FONT></SPAN></DIV>
<BLOCKQUOTE dir=3Dltr style=3D"MARGIN-RIGHT: 0px">
<DIV class=3DOutlookMessageHeader dir=3Dltr align=3Dleft><FONT =
face=3DTahoma=20
size=3D2>-----Original Message-----<BR><B>From:</B> Katherine Malm=20
[mailto:kmalm@earthlink.net]<BR><B>Sent:</B> Thursday, August 15, =
2002 11:44=20
PM<BR><B>To:</B> canslim@lists.xmission.com<BR><B>Subject:</B> Re: =
[CANSLIM]=20
Inst Ownership<BR><BR></FONT></DIV>
<DIV>Hi Charley et al,</DIV>
<DIV> </DIV>
<DIV>Mark Boucher (The Hedge Fund Edge) recommends in his work =
that=20
institutional ownership (banks + mutual funds) runs 10-30%. WON =
seems to=20
take a more generalist view of the actual percentage and instead =
focuses on=20
both the <EM>quality</EM> of ownership and the fact that ownership =
is=20
<EM>increasing</EM>. As with Boucher, WON considers both mutual =
funds and=20
banks to be "institutional owners."</DIV>
<DIV> </DIV>
<DIV>A great place to check ownership is at:</DIV>
<DIV><A=20
=
href=3D"http://moneycentral.msn.com/investor/invsub/ownership/ownership.a=
sp?Symbol=3DSBUX">http://moneycentral.msn.com/investor/invsub/ownership/o=
wnership.asp?Symbol=3DSBUX</A></DIV>
<DIV>Then use either the IBD's Mutual Fund ratings or look up =
ratings at <A=20
href=3D"http://www.morningstar.com">www.morningstar.com</A> to take =
a look at=20
quality of ownership.</DIV>
<DIV> </DIV>
<DIV>-Katherine</DIV>
<DIV> </DIV>
<DIV>From AskIBD (highlighting is mine):</DIV>
<DIV> </DIV>
<DIV>
<P class=3DMsoPlainText style=3D"MARGIN: 0in 0in 0pt"><SPAN=20
style=3D"mso-fareast-font-family: 'MS Mincho'"><FONT size=3D2><FONT=20
face=3D"Courier New">Question<o:p></o:p></FONT></FONT></SPAN></P>
<P class=3DMsoPlainText style=3D"MARGIN: 0in 0in 0pt"><SPAN=20
style=3D"mso-fareast-font-family: 'MS Mincho'"><FONT size=3D2><FONT=20
face=3D"Courier New"><SPAN=20
style=3D"mso-spacerun: =
yes"></SPAN><o:p></o:p></FONT></FONT></SPAN></P>
<P class=3DMsoPlainText style=3D"MARGIN: 0in 0in 0pt"><SPAN=20
style=3D"mso-fareast-font-family: 'MS Mincho'"><FONT size=3D2><FONT=20
face=3D"Courier New">What percentage of a company's shares =
outstanding should=20
be owned by institutions in order for the stock to qualify as=20
institutionally well sponsored?<o:p></o:p></FONT></FONT></SPAN></P>
<P class=3DMsoPlainText style=3D"MARGIN: 0in 0in 0pt"><SPAN=20
style=3D"mso-fareast-font-family: 'MS Mincho'"><FONT size=3D2><FONT=20
face=3D"Courier New"> <o:p></o:p></FONT></FONT></SPAN></P>
<P class=3DMsoPlainText style=3D"MARGIN: 0in 0in 0pt"><SPAN=20
style=3D"mso-fareast-font-family: 'MS Mincho'"><FONT size=3D2><FONT=20
face=3D"Courier New">Answer<o:p></o:p></FONT></FONT></SPAN></P>
<P class=3DMsoPlainText style=3D"MARGIN: 0in 0in 0pt"><SPAN=20
style=3D"mso-fareast-font-family: 'MS Mincho'"><FONT size=3D2><FONT=20
face=3D"Courier New"><SPAN=20
style=3D"mso-spacerun: =
yes"></SPAN><o:p></o:p></FONT></FONT></SPAN></P>
<P class=3DMsoPlainText style=3D"MARGIN: 0in 0in 0pt"><SPAN=20
style=3D"mso-fareast-font-family: 'MS Mincho'"><FONT size=3D2><FONT=20
face=3D"Courier New">It's not so much what percentage of a company's =
stock is=20
owned by institutions as the number of institutions that own it. You =
don't=20
want to see just one institution owning it. Any stock you consider=20
purchasing <EM><FONT color=3D#0000ff>should be owned by at least a =
few mutual=20
funds and preferably one or more banks or other institutional=20
investors</FONT></EM>. Also, look for stocks owned by at least one =
top-rated=20
mutual fund. The better funds research companies extensively. So =
when they=20
buy a stock, it serves as way to cross-check how sound the company=20
is.<o:p></o:p></FONT></FONT></SPAN></P>
<P class=3DMsoPlainText style=3D"MARGIN: 0in 0in 0pt"><SPAN=20
style=3D"mso-fareast-font-family: 'MS Mincho'"><FONT size=3D2><FONT=20
face=3D"Courier New"> <o:p></o:p></FONT></FONT></SPAN></P>
<P class=3DMsoPlainText style=3D"MARGIN: 0in 0in 0pt"><SPAN=20
style=3D"mso-fareast-font-family: 'MS Mincho'"><FONT size=3D2><FONT=20
face=3D"Courier New">Question<o:p></o:p></FONT></FONT></SPAN></P>
<P class=3DMsoPlainText style=3D"MARGIN: 0in 0in 0pt"><SPAN=20
style=3D"mso-fareast-font-family: 'MS Mincho'"><FONT size=3D2><FONT=20
face=3D"Courier New"><SPAN=20
style=3D"mso-spacerun: =
yes"></SPAN><o:p></o:p></FONT></FONT></SPAN></P>
<P class=3DMsoPlainText style=3D"MARGIN: 0in 0in 0pt"><SPAN=20
style=3D"mso-fareast-font-family: 'MS Mincho'"><FONT size=3D2><FONT=20
face=3D"Courier New">Can too much institutional sponsorship be a bad =
thing?<o:p></o:p></FONT></FONT></SPAN></P>
<P class=3DMsoPlainText style=3D"MARGIN: 0in 0in 0pt"><SPAN=20
style=3D"mso-fareast-font-family: 'MS Mincho'"><FONT size=3D2><FONT=20
face=3D"Courier New"> <o:p></o:p></FONT></FONT></SPAN></P>
<P class=3DMsoPlainText style=3D"MARGIN: 0in 0in 0pt"><SPAN=20
style=3D"mso-fareast-font-family: 'MS Mincho'"><FONT size=3D2><FONT=20
face=3D"Courier New">Answer<o:p></o:p></FONT></FONT></SPAN></P>
<P class=3DMsoPlainText style=3D"MARGIN: 0in 0in 0pt"><SPAN=20
style=3D"mso-fareast-font-family: 'MS Mincho'"><FONT size=3D2><FONT=20
face=3D"Courier New"><SPAN=20
style=3D"mso-spacerun: =
yes"></SPAN><o:p></o:p></FONT></FONT></SPAN></P>
<P class=3DMsoPlainText style=3D"MARGIN: 0in 0in 0pt"><SPAN=20
style=3D"mso-fareast-font-family: 'MS Mincho'"><FONT size=3D2><FONT=20
face=3D"Courier New">It depends on the company, their earnings and =
their=20
products. In theory, if a stock is heavily owned by institutions, it =
doesn't=20
leave much for other major investor's to buy and propel the stock =
higher.=20
<FONT color=3D#0000ff><EM>But if these companies continue to grow, =
heavy=20
ownership should not create a=20
problem.<o:p></o:p></EM></FONT></FONT></FONT></SPAN></P>
<P class=3DMsoPlainText style=3D"MARGIN: 0in 0in 0pt"><SPAN=20
style=3D"mso-fareast-font-family: 'MS Mincho'"><FONT size=3D2><FONT=20
face=3D"Courier New"> <o:p></o:p></FONT></FONT></SPAN></P>
<P class=3DMsoPlainText style=3D"MARGIN: 0in 0in 0pt"><SPAN=20
style=3D"mso-fareast-font-family: 'MS Mincho'"><FONT size=3D2><FONT=20
face=3D"Courier New"><SPAN=20
style=3D"mso-spacerun: =
yes"></SPAN><o:p></o:p></FONT></FONT></SPAN></P>
<P class=3DMsoPlainText style=3D"MARGIN: 0in 0in 0pt"><SPAN=20
style=3D"mso-fareast-font-family: 'MS Mincho'"><FONT size=3D2><FONT=20
face=3D"Courier New"> <o:p></o:p></FONT></FONT></SPAN></P>
<P class=3DMsoPlainText style=3D"MARGIN: 0in 0in 0pt"><SPAN=20
style=3D"mso-fareast-font-family: 'MS Mincho'"><FONT size=3D2><FONT=20
face=3D"Courier New">Question<o:p></o:p></FONT></FONT></SPAN></P>
<P class=3DMsoPlainText style=3D"MARGIN: 0in 0in 0pt"><SPAN=20
style=3D"mso-fareast-font-family: 'MS Mincho'"><FONT size=3D2><FONT=20
face=3D"Courier New"><SPAN=20
style=3D"mso-spacerun: =
yes"></SPAN><o:p></o:p></FONT></FONT></SPAN></P>
<P class=3DMsoPlainText style=3D"MARGIN: 0in 0in 0pt"><SPAN=20
style=3D"mso-fareast-font-family: 'MS Mincho'"><FONT size=3D2><FONT=20
face=3D"Courier New">What is a level of institutional ownership you =
consider=20
when buying a stock? If too many shares are already owned by =
institutional=20
investors, can that hurt a stock's chances of=20
rising?<o:p></o:p></FONT></FONT></SPAN></P>
<P class=3DMsoPlainText style=3D"MARGIN: 0in 0in 0pt"><SPAN=20
style=3D"mso-fareast-font-family: 'MS Mincho'"><FONT size=3D2><FONT=20
face=3D"Courier New"> </FONT></FONT></SPAN><SPAN=20
style=3D"mso-fareast-font-family: 'MS Mincho'"><FONT size=3D2><FONT=20
face=3D"Courier New"><SPAN=20
style=3D"mso-spacerun: =
yes"> </SPAN><o:p></o:p></FONT></FONT></SPAN></P>
<P class=3DMsoPlainText style=3D"MARGIN: 0in 0in 0pt"><SPAN=20
style=3D"mso-fareast-font-family: 'MS Mincho'"><FONT size=3D2><FONT=20
face=3D"Courier New">Answer<o:p></o:p></FONT></FONT></SPAN></P>
<P class=3DMsoPlainText style=3D"MARGIN: 0in 0in 0pt"><SPAN=20
style=3D"mso-fareast-font-family: 'MS Mincho'"><FONT size=3D2><FONT=20
face=3D"Courier New"><SPAN=20
style=3D"mso-spacerun: =
yes"></SPAN><o:p></o:p></FONT></FONT></SPAN></P>
<P class=3DMsoPlainText style=3D"MARGIN: 0in 0in 0pt"><SPAN=20
style=3D"mso-fareast-font-family: 'MS Mincho'"><FONT size=3D2><FONT=20
face=3D"Courier New"><FONT color=3D#0000ff><EM>It is hard to tell =
how much=20
institutional ownership is too much. Therefore, you should place =
less weight=20
on this factor. Rather, focus on the quality of ownership. You want =
to see=20
at least a few of the better performing mutual funds owning the =
stock you=20
are considering buying.</EM></FONT> In some cases, however, if too =
many=20
shares are owned by institutional investors, this could be bad. =
That's=20
because it represents large potential selling if anything goes wrong =
with=20
the company or the general =
market.<o:p></o:p></FONT></FONT></SPAN></P>
<P class=3DMsoPlainText style=3D"MARGIN: 0in 0in 0pt"><SPAN=20
style=3D"mso-fareast-font-family: 'MS Mincho'"><FONT size=3D2><FONT=20
face=3D"Courier New"> <o:p></o:p></FONT></FONT></SPAN></P>
<P class=3DMsoPlainText style=3D"MARGIN: 0in 0in 0pt"><SPAN=20
style=3D"mso-fareast-font-family: 'MS Mincho'"><FONT size=3D2><FONT=20
face=3D"Courier New"><SPAN=20
style=3D"mso-spacerun: =
yes"> </SPAN><o:p></o:p></FONT></FONT></SPAN></P>
<P class=3DMsoPlainText style=3D"MARGIN: 0in 0in 0pt"><SPAN=20
style=3D"mso-fareast-font-family: 'MS Mincho'"><FONT size=3D2><FONT=20
face=3D"Courier New"><SPAN=20
style=3D"mso-spacerun: =
yes"> </SPAN><o:p></o:p></FONT></FONT></SPAN></P>
<P class=3DMsoPlainText style=3D"MARGIN: 0in 0in 0pt"><SPAN=20
style=3D"mso-fareast-font-family: 'MS Mincho'"><FONT size=3D2><FONT=20
face=3D"Courier =
New"> <o:p></o:p></FONT></FONT></SPAN></P></DIV>
<DIV> </DIV>
<DIV> </DIV>
<DIV> </DIV>
<DIV> </DIV>
<DIV> </DIV>
<BLOCKQUOTE=20
style=3D"PADDING-RIGHT: 0px; PADDING-LEFT: 5px; MARGIN-LEFT: 5px; =
BORDER-LEFT: #000000 2px solid; MARGIN-RIGHT: 0px">
<DIV style=3D"FONT: 10pt arial">----- Original Message ----- =
</DIV>
<DIV=20
style=3D"BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: =
black"><B>From:</B>=20
<A title=3DChazmoore@aol.com=20
href=3D"mailto:Chazmoore@aol.com">Chazmoore@aol.com</A> </DIV>
<DIV style=3D"FONT: 10pt arial"><B>To:</B> <A=20
title=3Dcanslim@lists.xmission.com=20
=
href=3D"mailto:canslim@lists.xmission.com">canslim@lists.xmission.com</A>=
=20
</DIV>
<DIV style=3D"FONT: 10pt arial"><B>Sent:</B> Thursday, August 15, =
2002 11:11=20
PM</DIV>
<DIV style=3D"FONT: 10pt arial"><B>Subject:</B> Re: [CANSLIM] Inst =
Ownership</DIV>
<DIV><BR></DIV><FONT face=3Darial,helvetica><FONT =
size=3D2>Gentlemen, if I may=20
guide this discussion back to it's beginning, I believe I was the =
one who=20
pontificated that IBD/DGO recommends no more than 25% mutual fund=20
ownership, because otherwise there would be inadequate =
institutional=20
capacity left to buy the stock when it started to move. In my =
opinion they=20
use mutual funds because they leave a paper trail, and the quality =
of=20
investment skill can be measured. Other institutions, for example =
life=20
insurance companies, are more difficult to evaluate. <BR><BR>For =
most=20
public companies, institutions own most of the outstanding float, =
maybe=20
80% to 90% (according to Yahoo). Since the bulk of the ownership =
cannot be=20
evaluated as respects investment skill and success, WON hones in =
on that=20
part that can be monitored; the mutual funds. He recommends mutual =
fund=20
sponsorship, but for growth stocks, he likes to see the percentage =
of=20
ownership at less than 25%, and the quality of mutual fund =
ownership,=20
above average. <BR><BR>But then, what do I know? =
<BR><BR>Charley</FONT>=20
</FONT></BLOCKQUOTE>
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For your protection, this e-mail message has been scanned for =
viruses.=20
<P>Visit us at <A =
href=3D"http://www.neoris.com/">http://www.neoris.com/</A>=20
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