Chapter 15
The System for Large Investors

It's time to take the system and see it in the real world. I'm going to show you how commissions affect the system and show you real world judgements used to improve profits. We're always trying to maximize profits and you'll find that a few simple decisions will greatly increase profits. This Chapter is for larger investors ($10,000 per stock) and will show large investors a gain of 555% after commissions for seven years. Your portfolio rose from $101,200 to $662,523, an average gain of 80% a year.

At the end of four years I evaluated the portfolio - remember I told you you're not married to your stocks. I had held all ten stocks for four years. I only evaluated the stocks I owned once in four years for three reasons:
1) by doing it once I could keep the example as simple as possible.
2) when I first wrote the book I didn't think to do it.
3) by doing it once you see the dramatic effect - an increase of 75% in the fifth year vs. only 13% the year before.

In real life I recommend you evaluate your portfolio for stocks to sell at least once a year. The best time to sell all remaining shares is when they are at or near their high for the year. This is the opposite criteria of what we want when we want to make our initial buy. Of course when we sell all our remaining shares, we immediately put all the proceeds into a new stock that meets our criteria.

Look in the next chapter for the reasons I sold the five stocks and the reasons I bought the new stocks. Also look in the next chapter for how to buy and sell so you buy and sell 100% of what the system tells you. The two chapters are almost identical except the amount invested.

Another thing we did to boost profits was to buy additional shares. After one year the cash amount had grown larger than 1/3 of the portfolio total. We took this extra cash and bought additional shares of the same stock. Remember we make our profits buying and selling stocks - not collecting interest on large cash balances. Below is an example of what we did in the first year (same thing done every year):

Readjust Cash/Stock Balance

STOCK	1ST YR	1ST YR	1/3 OF	EXTRA
	PORT.	CASH	PORT.	CASH
	VALUE	TOTAL	VALUE
ALASKA AIRLINES	15016	8712	5006	3706
COMPAQ	16126	10004	5321	4683
SUPERIOR IND.	11999	5842	4000	1842
GOLDEN NUGGET	11391	5082	3778	1304
BUSH IND.	7895	1547	2629	0

Checking for extra cash is also something you should do at least every year. When you find some, buy more stock and remember to increase portfolio control by 100% of the amount of additional stock bought.

For the five stocks that I took the cash over 1/3 of portfolio total amount to buy additional shares, I made the discovery that portfolio control should be increased 100% of the amount used to buy additional shares. This is because if you only increase portfolio control by 50%, you get an immediate sell at the same price you paid for the new shares. This defeats additional gains from the purchase of the new shares.

Remember the only times you increase portfolio control 100% of the buy amount are:
1) - when you initially buy a stock;
2) - when you take cash over 1/3 of portfolio value and buy additional shares;
3) - when you add extra money to an existing stock.

All other buys increase portfolio control by 50%. Read this chapter and the next chapter carefully and really understand the reasons for doing what they say. All reasons are based on the incredibly simple premise of doing things to make the highest profits with the least risk. You can read why we sold the five stocks in the next chapter.

Selling the five stocks gained us $86,433 (I subtracted $9,144 from the fourth year total of $95,577 because our cash was - $9,144 at the end of fourth year) which we used to buy five new stocks in the fifth year. Thus, each of these five stocks started life with $17,287. We kept these stocks for the next three years (years 5-6-7). After the fifth year we sold our remaining original five stocks because they had matured, were a little high priced, and we had been doing our homework and found five new stocks we wanted to own. Our last five stocks started with $38,744 each.

As you can see from the summary, our work paid off - our portfolio grew from $101,200 to $662,523, a 555% increase or a compound growth rate of 30% a year for seven years. A review of our cash account will show ups and downs. I omitted the first three years of the cash account because the total wasn't negative. For the next three years, your cash account still never showed a negative balance. In the seventh year your cash account went negative for three months, hitting a low of - $24,424. However look at your portfolio value - at the end of the sixth year your portfolio was worth $328,350 and at the end of the seventh year $662,523, a gain of over $334,000. I figure after doing the system for six years and being ahead over $200,000, you could come up with an extra $25,000 - it was worth it. At the end of the seventh year, your cash balance is over $235,000.

Finally I'm sure a few errors crept into this chapter. I'm writing this book late at night after working all day and my family breaks my concentration. Remember this is an art not a science and any discrepancies are very minor - any way you look at this you made a pile of money - the system works! In December 1992 I fixed most of the errors.

Also I kept these examples as simple as possible and didn't use the system to the max. I only adjusted cash once a year and always bought more shares of the same stock whatever the price. You can take the extra money and buy shares of another stock or one you already own that is at or near its 52-week low. Also I held onto stocks that if I owned for real I would have sold. For example, I would have sold all my Wang B in April 1991 when it hit $ 4.37 and the portfolio total was $66,128. Also you can adjust your cash balance more than once a year.

I think you see how you can use the system for your maximum profit. You may think of some good ideas on your own. If you do, please share them with me and I'll put them in the next edition.

The System for Large Investors - 1st - 3rd Years

STOCK/FUND	% GAIN	PORT.		% GAIN	PORT.		% GAIN	PORT.
	1ST	VALUE		2ND	VALUE		3RD	VALUE
	YEAR			YEAR			YEAR
ALASKA AIRLINES	43%	14450		52%	15400		66%	16783
GRACO	8%	10905		56%	15804		93%	19526
COMPAQ COMPUTERS	59%	16126		124%	22697		414%	52008
HOVNANIAN ENT	24%	12585		64%	16593		146%	24864
SUPERIOR IND	19%	11999		45%	14713		60%	16235
CONTINENTAL INFO	16%	11786		19%	12018		62%	16362
J P INDUSTRIES	11%	11203		48%	15000		86%	18857
BUSH INDUSTRIES	-22%	7895		58%	16008		139%	24200
GOLDEN NUGGET	13%	11391		29%	13028		46%	14802
PROSPECTOR	-2%	9842		2%	10229		76%	17584
TOTALS	17%	118182		50%	151490		119%	221221

Profits figured in initial investment of $10,120 per stock/fund.

The System for Large Investors - 4th - 6th Years

STOCK/FUND	% GAIN	PORT.		% GAIN	PORT.		% GAIN	PORT.
	4TH	VALUE		5TH	VALUE		6TH	VALUE
	YEAR			YEAR			YEAR
ALASKA AIRLINES	145%	24801		193%	29620
GRACO	92%	19430
COMPAQ COMPUTERS	374%	48009		596%	70445
HOVNANIAN ENT	119%	23193
SUPERIOR IND	143%	24617		198%	30204
CONTINENTAL INFO	170%	27319
J P INDUSTRIES	48%	14954
BUSH INDUSTRIES	166%	26880		265%	36957
GOLDEN NUGGET	50%	15220		162%	26493
PROSPECTOR	33%	13327
AMD				87%	18921		76%	17847
ON-LINE				140%	24252		105%	20710
QMS				154%	25723		179%	28237
CLAIRE'S STORES				225%	32867		197%	30070
CAESAR'S WORLD				137%	23955		169%	27261
WANG B							215%	31904
DELL COMPUTER							466%	57277
SUN MICROSYSTEMS							401%	50660
BEST BUY							272%	37692
ASTON-TATE							230%	33412
TOTALS	135%	237685		216%	319437		231%	335070

The System for Large Investors - 7th Year

STOCK	% GAIN	PORT.
	7TH YR	VALUE
AMD	329%	43385
ON-LINE	422%	52790
QMS	372%	47797
CLAIRE'S STORES	169%	27203
CAESAR'S WORLD	487%	59441
WANG B	399%	50520
DELL COMPUTER	1152%	126723
SUN MICROSYSTEMS	600%	70879
BEST BUY	1008%	112148
ASHTON-TATE	741%	85137
TOTALS	568%	676023

Cash in one account

DATE	ALASKA	COMPAQ	HOV	SUPIND	CONT	JPIND	BUSH	GOLD	GRACO	PROSPECT	TOTAL
	AIR	COMP	ENT	SUNMIC	INFO	QMS	IND	NUG	CLAIR	CAESARS	CASH
	WANG	DELL	AMD		ONLINE		BEST	ASHT	STORE
10/87	4106	30741	8246	5443	(479)	6299	8891	4208	6429	5833	70707
11/87	4126	17249	7182	5460	(1567)	6330	8935	4410	6381	5862	64368
12/87	(536)	10778	3031	2684	(6577)	3812	3408	3608	4555	2949	27712
1/88	(2961)	797	(3714)	518	(12181)	983	(1610)	3416	2860	2961	(8928)
2/88	(3305)	942	(5419)	(835)	(12172)	988	(1492)	3433	2621	1984	(13755)
3/88	-	-	-	-	-	-	-	-	-	-	-
4/88	(3299)	952	(2493)	(823)	(12154)	998	(1190)	3467	2647	(977)	(12872)
5/88	(3017)	957	(2471)	(108)	(11380)	2366	7439	3484	5244	(1154)	1360
6/88	(950)	962	(2448)	5864	(11367)	2378	6512	5991	5270	(1150)	11049
7/88	(935)	967	(3146)	4953	(11354)	2390	6150	6021	5296	(1146)	9170
8/88	(279)	2952	(3127)	4988	(11341)	2402	3545	6051	5322	(1142)	14332
9/88	(260)	7992	(3108)	5023	(19771)	2414	(1051)	6081	5596	(1138)	1726
10/88	(231)	8032	(6471)	5842	(22425)	2426	(3206)	5048	5624	(1134)	(6560)
11/88	1163	8072	(360)	7134	(16314)	6111	(7698)	5073	6111	4927	14269
12/88	1572	8112	(510)	7559	(16283)	5961	(8708)	5098	5961	4827	13539
1/89	-	-	-	-	-	-	-	-	-	-	-
2/89	1578	8192	(589)	7655	(16221)	6400	(10757)	5148	6021	4887	12314
3/89	2746	14875	(560)	9180	(16190)	8010	(10736)	6810	9869	6733	30737
4/89	4699	14949	(530)	9943	(16159)	8364	(10715)	8041	10895	6772	36259
5/89	5089	15024	(500)	10294	(15568)	8406	(9608)	8041	11270	6812	39250
6/89	6872	17476	(470)	10355	(14753)	8448	(9581)	8874	12217	7894	47332
7/89	6926	29387	427	11431	(14422)	8490	(5271)	10922	15363	9909	73053
8/89	6981	29433	455	11498	(14144)	8532	(4521)	10977	15440	9954	74615
9/89	7036	29580	490	11565	(14103)	9942	(3577)	12169	15517	10313	78909
10/89	8018	29728	525	11979	(14061)	10412	(3520)	14115	18917	10703	86816
11/89	12902	12902	(132)	12902	(14309)	8609	9382	12902	11000	6883	73041
12/89	12624	12624	(1607)	12624	(13710)	8657	9104	12624	11055	5838	69828

Cash in one account

DATE	ALASKA	COMPAQ	HOV	SUP IND	CONT	JP IND	BUSH	GOLD	GRACO	PROSPT	TOTAL
	AIR	COMP	ENT	SUN	INFO	QMS	BEST	NUG	CLAIRE	CAESARS	CASH
	WANG	DELL	AMD	MICRO	ONLINE		BUY	ASH/TATE	STORE
1/90	-	-	-	-	-	-	-	-	-	-	-
2/90	12750	12977	(1942)	12750	(12922)	8738	9030	12750	11165	5908	71404
3/90	6861	13042	(3541)	14650	(10281)	11264	9294	12814	11221	3458	68782
4/90	7401	15329	(3139)	20878	(10220)	12900	11215	15977	11277	(1711)	79907
5/90	10182	21282	(2904)	20982	(10159)	12965	17140	17110	11333	(1704)	96227
6/90	8412	27100	(2886)	23605	(10419)	14683	17243	17195	11300	(4676)	112066
7/90	-	-	-	-	-	-	-	-	-	-	-
8/90	6055	32964	(660)	29784	(10435)	18142	17451	17367	17400	(4672)	123396
9/90	2335	34860	(2773)	30085	(12357)	18233	17556	15021	17487	(11698)	120447
10/90	2347	35034	(7995)	30235	(15328)	15850	13984	7895	16609	(18973)	79658
11/90	(3373)	19168	(10470)	16956	(17557)	9450	8511	(3531)	10366	(19832)	22331
12/90	(10850)	19264	(15119)	6559	(22467)	9497	3461	(3509)	10418	(19830)	(22576)
1/91	(12188)	29687	(16356)	6592	(23895)	9544	3496	717	8699	(19828)	(13532)
2/91	(17925)	43581	(16356)	6784	(21954)	10204	170	(4078)	8742	(19385)	(10217)
3/91	(17915)	64827	(7347)	20074	(16880)	16387	5899	(4058)	9498	(19381)	30078
4/91	(17620)	69148	(4894)	27512	(13416)	16469	8119	(1316)	15997	(14288)	85711
5/91	(2963)	73381	2368	27650	(10476)	20980	9395	3314	16686	(12111)	128226
6/91	(3964)	69464	6698	34215	(10406)	22252	24988	4358	16769	(7363)	157011
7/91	(3884)	69811	9769	34731	(10336)	22363	36313	9412	16853	(3671)	181361
8/91	(3803)	70159	9900	31621	(8003)	22475	51742	12425	16937	(3430)	200023
9/91	(5787)	76535	10032	31779	(7921)	22910	51968	31154	16891	(568)	226993
10/91	(9953)	81090	10165	31938	-	23392	56963	35777	11184	2484	243040

Alaska Airlines

DATE	REMARKS	SHARE	SHARE	SAFE	CASH	SHARES	SHARES	PORT	BUY	MKT ORD	6%	COMM	PORT
		PRICE	VALUE			BOUGHT	OWNED	CONT	(SELL)	(SELL)	INT		CONTROL
						(SOLD)			ADVICE	BUY
11/84		11.87	6666	666	3334	-	564	6666	-	-	-	120	10120
12/84		13.00	7332	733	3351	-	564	6666	(666)	0	17	-	10683
1/85		14.62	8249	824	3368	(52)	564	6666	(1583)	(759)	17	43	11617
2/85		17.87	9152	915	4104	(88)	512	6666	(2486)	(1571)	20	53	13256
3/85		19.50	8268	826	5650	(40)	424	6666	(1602)	(776)	28	43	13918
4/85		19.62	7536	753	6415	(6)	384	6666	(870)	(117)	32	16	13951
5/85		-	-	-	-	-	-	-	-	-	33	-	-
6/85		24.50	9261	926	6582	(68)	378	6666	(2595)	(1669)	33	54	15843
7/85		23.25	7208	720	8238	-	310	6666	(542)	0	41	-	15446
8/85		25.25	7828	782	8279	(15)	310	6666	(1162)	(380)	41	33	16107
9/85		21.25	6269	626	8669	-	295	6666	397	0	43	-	14938
10/85		21.37	6306	630	8712	-	295	6666	360	0	43	-	15018
11/85	ADJ S/C	20.12	9419	941	5031	+173 SH	468	10372	953	IGN 12	25	79	14450
12/85		19.25	9009	900	5056	24	468	10372	1363	463	25	37	14065
1/86		16.12	7934	793	4579	116	492	10604	2670	1877	23	57	12513
2/86		17.37	10564	1056	2658	-	608	11543	979	0	13	-	13222
3/86		19.87	12084	1208	2671	-	608	11543	(541)	0	13	-	14755
4/86		20.00	12160	1216	2684	-	608	11543	(671)	0	13	-	14844
5/86		18.62	11324	1132	2697	-	608	11543	219	0	13	-	14021
6/86		19.25	11704	1170	2710	-	608	11543	(161)	0	13	-	14414
7/86		16.00	9728	972	2723	53	608	11543	1815	843	13	44	12451
8/86		16.00	10576	1057	1845	21	661	11965	1389	332	9	30	12421
9/86		17.00	11594	1159	1490	-	682	12131	537	0	7	-	13084
10/86		18.62	12702	1270	1497	-	682	12132	(571)	0	7	-	14199
11/86	ADJ S/C	20.37	13896	1389	1504	(18)	682	12132	(1765)	(376)	7	33	15400
12/86		18.75	12450	1245	1856	-	664	12131	(319)	0	9	-	14306
1/87		22.75	15106	1510	1865	(64)	664	12131	(2975)	(1465)	9	52	16971
2/87		23.87	14325	1432	3294	(32)	600	12131	(2194)	(762)	16	43	17619
3/87		30.75	17466	1746	4033	(117)	568	12131	(5335)	(3589)	20	77	21499
4/87		25.25	11388	1138	7563	-	451	12131	743	0	38	-	18971
5/87		20.12	9076	907	7621	107	451	12131	3055	2148	38	60	16697
6/87		19.75	11021	1102	5440	55	558	13205	2184	1082	27	47	16461
7/87		20.00	12260	1226	4333	13	613	13746	1486	260	22	27	16593
8/87		23.50	14711	1471	4066	-	626	13876	(835)	0	-	-	18777
9/87		21.50	13459	1345	4086	-	626	13876	417	0	20	-	17545
10/87		20.25	12677	1267	4106	-	626	13876	1199	0	20	-	16783

Alaska Airlines

DATE	REMARKS	SHARE	SHARE	SAFE	CASH	SHARES	SHARES	PORT	BUY	MKT ORD	6%	COMM	PORT
		PRICE	VALUE			BOUGHT	OWNED	CONT	(SELL)	(SELL)	INT		VALUE
						(SOLD)			ADVICE	BUY
11/87	+$2000	13.50	8451	845	6126	339	626	13876	5425	4580	20	89	14577
12/87		13.00	12545	1254	3464	182	965	16166	3621	2367	7	63	16009
1/88		13.50	15485	1548	1039	26	1147	17350	1865	317	5	30	16524
2/88		15.25	17888	1788	695	-	1173	17509	(379)	0	3	-	18583
3/88		-	-	-	-	-	-	-	-	-	3	-	-
4/88		16.87	19794	1979	701	(18)	1173	17509	(2285)	(306)	3	29	20495
5/88		18.87	21801	2180	983	(112)	1155	17509	(4292)	(2112)	5	60	22784
6/88		17.75	18513	1851	3050	-	1043	17509	(1004)	0	15	-	21563
7/88		19.37	20208	2020	3065	(35)	1043	17509	(2699)	(679)	15	42	23273
8/88		17.87	18018	1801	3721	-	1008	17509	9509)	0	19	-	21739
9/88		17.25	17388	1738	3740	-	1008	17509	121	0	19	-	21128
10/88		20.87	21042	2104	3759	(68)	1008	17509	(3533)	(1429)	19	51	24801
11/88	ADJ S/C	21.12	19858	1985	5163	(17)	940	17509	(2349)	(364)	26	32	25021
12/88		19.62	18114	1811	5522	-	923	17509	(605)	0	27	-	23636
1/89		-	-	-	-	-	-	-	-	-	28	-	-
2/89		22.50	20768	2076	5578	(53)	923	17509	(3259)	(1183)	28	49	26346
3/89		24.87	21641	2164	6746	(79)	870	17509	(4132)	(1968)	34	58	28387
4/89		25.12	19874	1987	8699	(15)	791	17509	(2365)	(378)	43	33	28573
5/89		27.62	21437	2143	9089	(65)	776	17509	(3928)	(1785)	45	56	30526
6/89		27.12	19286	1928	10872	-	711	17509	(1777)	0	54	-	30158
7/89		27.25	19375	1937	10926	-	711	17509	(1866)	0	54	-	30301
8/89		27.00	19197	1919	10981	-	711	17509	(1688)	0	55	-	30178
9/89		28.87	20530	2053	11036	(34)	711	17509	(3021)	(968)	55	46	31566
10/89	SOLD ALL	26.00	17602	1760	12018	-	677	17509	-	-	60	-	29620

Graco

DATE	REMARKS	SHARE	SHARE	SAFE	CASH	SHARES	SHARES	PORT	BUY	MKT ORD	6%	COMM	PORT
		PRICE	VALUE			BOUGHT	OWNED	CONT	(SELL)	(SELL)	INT		VALUE
						(SOLD)			ADVICE	BUY
10/84		13.62	6666	666	3452	-	489	6666	-	-	-	120	10120
11/84		12.75	6235	623	3351	-	489	6666	431	0	17	-	9586
12/84		-	-	-	-	-	-	-	-	-	17	-	-
1/85		10.50	5135	513	3385	97	489	6666	1531	1018	17	43	8520
2/85		13.50	7911	791	2336	-	586	7175	(736)	0	12	-	10247
3/85		12.75	7472	747	2348	-	586	7175	(297)	0	12	-	9820
4/85		11.00	6446	644	2360	-	586	7175	729	IGN 85	12	-	8806
5/85		-	-	-	-	-	-	-	-	-	12	-	-
6/85		13.25	7765	776	2384	-	586	7175	(590)	0	12	-	10149
7/85		13.00	7618	761	2396	-	586	7125	(443)	0	12	-	10014
8/85		14.50	8497	849	2408	(33)	586	7175	(1322)	(473)	12	38	10905
9/85		15.25	8433	843	2420	(27)	553	7175	(1258)	(415)	12	35	10853
10/85	ADJ S/C	15.25	8022	802	2814	-	526	7175	(847)	IGN (45)	14	-	10836
11/85		18.25	9600	960	2828	(80)	526	7175	(2425)	(1465)	14	52	12428
12/85		17.37	7749	774	4262	-	446	7175	(574)	0	21	-	12011
1/86		20.75	9255	925	4283	(56)	446	7175	(2080)	(1155)	21	48	13538
2/86		19.50	7605	760	5417	-	390	7175	(430)	0	27	-	13022
3/86		28.25	11018	1101	5444	(97)	390	7175	(3843)	(2742)	27	67	16462
4/86		29.00	8497	849	8160	(16)	293	7175	(1322)	(473)	41	38	16657
5/86		28.75	7964	796	8638	-	277	7175	(789)	0	43	-	16602
6/86		30.00	8310	831	8681	(10)	277	7175	(1135)	(304)	43	29	16941
7/86		28.50	7610	761	9001	-	267	7175	(435)	0	45	-	16611
8/86		21.25	5674	567	9046	44	267	7175	1501	934	45	45	14720
9/86		24.75	7697	769	8107	-	311	7642	(55)	0	40	-	15804
10/86	ADJ S/C	24.37	10433	1043	5241	+117 SH	428	10484	51	0	26	68	15674
11/86		25.12	10754	1075	5199	-	428	10484	(270)	0	26	-	15953
12/86		23.87	10219	1021	5225	-	428	10484	265	0	26	0	15444
1/87		25.25	10807	1080	5251	-	428	10484	(323)	0	26	-	16058
2/87		29.75	12733	1273	5277	(33)	428	10484	(2249)	(976)	26	46	18010
3/87		30.62	12097	1209	6238	(13)	395	10484	(1613)	(404)	31	34	18335
4/87		33.37	12749	1274	6641	(30)	382	10484	(2265)	(991)	33	46	19390
5/87		31.62	11132	1113	7624	-	352	10484	(648)	0	38	-	18756
6/87		29.62	10428	1042	7662	-	352	10484	56	0	38	-	18090
7/87		30.37	10692	1069	7700	-	352	10484	(208)	0	38	-	18392
8/87		32.25	11352	1135	7739	-	352	10484	(868)	0	39	-	19091
9/87		33.37	11748	1174	7778	-	352	10484	(1264)	IGN (90)	39	-	19526

Graco

DATE	REMARKS	SHARE	SHARE	SAFE	CASH	SHARES	SHARES	PORT	BUY	MKT ORD	6%	COMM	PORT
		PRICE	VALUE			BOUGHT	OWNED	CONT	(SELL)	(SELL)	INT		VALUE
						(SOLD)			ADVICE	BUY
10/87	ADJ S/C	34.37	13509	1350	6429	+41/(9)	393	11865	(1644)	(294)	32	29	19938
11/87		23.75	9120	912	6381	75	384	11865	2705	1793	32	56	15501
12/87		22.00	10098	1009	4555	75	459	12762	2664	1655	23	54	14653
1/88		22.75	12149	1214	2860	10	534	13590	1441	227	14	25	15009
2/88		23.75	12920	1292	2621	-	544	13704	784	0	13	-	15541
3/88		-	-	-	-	-	-	-	-	-	13	-	-
4/88		33.37	18156	1815	2647	(79)	544	13704	(4452)	(2637)	13	66	20803
5/88		32.37	15054	1505	5244	-	465	13704	(1350)	0	26	-	20298
6/88		31.75	14764	1476	5270	-	465	13704	(1060)	0	26	-	20034
7/88		32.62	15171	1517	5296	-	465	13704	(1467)	0	26	-	20467
8/88	3 FOR 2 SP	22.25	15531	1553	5322	(12)	698	13704	(1827)	(274)	26	28	20853
9/88		21.25	14578	1457	5596	-	686	13704	(874)	0	28	-	20174
10/88	SOLD ALL	20.12	13806	1380	5624	-	686	13704	-	-	28	-	19430

Compaq Computers

DATE	REMARKS	SHARE	SHARE	SAFE	CASH	SHARES	SHARES	PORT	BUY	MKT ORD	6%	COMM	PORT
		PRICE	VALUE			BOUGHT	OWNED	CONT	(SELL)	(SELL)	INT		VALUE
						(SOLD)			ADVICE	BUY
11/84		4.62	6666	666	3334	-	1441	6666	-	-	-	120	10120
12/84		5.37	7745	774	3351	(57)	1441	6666	(1079)	(305)	17	29	11096
1/85		6.62	9169	916	3599	(240)	1384	6666	(2508)	(1587)	18	53	12768
2/85		8.12	9295	929	5199	(209)	1144	6666	(2629)	(1700)	26	55	14494
3/85		10.00	9350	935	6878	(175)	935	6666	(2684)	(1749)	34	55	16228
4/85		8.12	6175	617	8615	-	760	6666	491	0	43	-	14790
5/85		-	-	-	-	-	-	-	-	-	43	-	-
6/85		8.25	6270	627	8701	-	760	6666	396	0	43	-	14971
7/85		9.87	7505	750	8745	-	760	6666	(839)	ign (89)	44	-	16250
8/85		11.12	8455	845	8789	985)	760	6666	(1789)	(944)	44	46	17244
9/85		11.37	7678	767	9735	(22)	675	6666	(1012)	(245)	48	26	17413
10/85		9.37	6122	612	10004	-	653	6666	544	0	50	-	16126
11/85	adj s/c	10.62	12240	1224	4705	+499 sh	1152	11348	(892)	0	25	91	16945
12/85		12.37	14256	1425	4729	(120)	1152	11348	(2908)	(1483)	24	52	18985
1/86		13.87	14319	1431	6191	(111)	1032	11348	(2971)	(1540)	31	53	20510
2/86		12.75	11743	1174	7716	-	921	11348	(395)	0	38	-	19459
3/86		15.50	14276	1427	7754	(97)	921	11348	(2928)	(1501)	38	52	22030
4/86		14.37	11845	1184	9249	-	824	11348	(497)	0	46	-	21094
5/86		17.00	14008	1400	9285	(74)	824	11348	(2660)	(1260)	46	49	23303
6/86		17.25	12938	1293	10559	(17)	750	11348	(1590)	(297)	53	29	23497
7/86		14.50	10629	1062	10881	-	733	11348	719	0	54	-	21510
8/86		12.00	8796	879	10925	139	733	11348	2552	1673	54	54	19721
9/86		15.25	13298	1329	9244	-	872	12185	(1113)	0	46	-	22542
10/86		15.37	13407	1340	9290	-	872	12185	(1222)	0	46	-	22697
11/86	adj s/c	15.50	15330	1533	7528	+117 sh	989	13985	(1345)	0	38	56	22858
12/86		19.00	18791	1879	7509	(154)	989	13985	(4806)	(2927)	37	69	26300
1/87		19.37	16178	1617	10419	(30)	835	13985	(2193)	(576)	52	40	26597
2/87		23.25	18716	1871	11010	(125)	805	13985	(4731)	(2860)	55	69	29276
3/87		32.12	21909	2190	13870	(178)	682	13985	(7924)	(5734)	69	109	35779
4/87		28.12	14175	1417	19582	-	504	13985	(190)	0	87	-	33757
5/87		35.50	17892	1789	19670	(60)	504	13985	(3907)	(2118)	88	60	37562
6/87		48.37	21479	2147	21837	(111)	444	13985	(7494)	(5347)	109	105	43316
7/87		46.25	15401	1540	27214	-	333	13985	914160	0	135	-	42615
8/87		45.62	15193	1519	27350	-	333	13985	(1208)	0	136	-	42543
9/87		57.25	19064	1906	27487	(55)	333	13985	(5079)	(3173)	137	72	46551
10/87		76.50	21267	2126	30741	(67)	278	13985	(7282)	(5156)	153	103	52008

Compaq Computers

DATE	REMARKS	SHARE	SHARE	SAFE	CASH	SHARES	SHARES	PORT	BUY	MKT ORD	6%	COMM	PORT
		PRICE	VALUE			BOUGHT	OWNED	CONT	(SELL)	(SELL)	INT		VALUE
						(SOLD)			ADVICE	BUY
11/87	ADJ S/C	52.87	24058	2405	17229	+244/122	455	32616	8558	6153	86	258/114	41307
12/87		40.75	23513	2351	10778	241	577	35693	12180	9829	54	156	34291
1/88		55.37	45297	4529	797	(3)	818	40608	(4689)	(160)	4	20	46094
2/88		47.37	38611	3861	942	-	815	40608	1997	0	5	-	39553
3/88		-	-	-	-	-	-	-	-	-	5	-	-
4/88		50.25	40954	4095	952	-	815	40608	(346)	0	5	-	41906
5/88		51.50	41973	4197	957	-	815	40608	(1365)	0	5	-	42930
6/88		54.00	44010	4401	962	-	815	40608	(3402)	0	5	-	44972
7/88		65.00	52975	5297	967	(109)	815	40608	(12367)	(7070)	5	125	53942
8/88		58.75	41478	4147	7952	-	706	40608	(870)	0	40	-	49430
9/88		54.12	38212	3821	7992	-	706	40608	2396	0	40	-	46204
10/88		56.62	39977	3997	8032	-	706	40608	631	0	40	-	48009
11/88	ADJ S/C	53.12	37506	3750	8072	-	706	40608	3102	0	40	-	45578
12/88		57.12	40330	4033	8112	-	706	40608	278	0	40	-	48442
1/89		-	-	-	-	-	-	-	-	-	40	-	-
2/89		74.50	52597	5259	8192	(90)	706	40608	(11989)	(6730)	40	121	60789
3/89		66.87	41195	4119	14875	-	616	40608	(587)	0	74	-	56070
4/89		71.75	44198	4419	14949	-	616	40608	(3590)	0	74	-	59147
5/89		77.62	47817	4781	15024	(31)	616	40608	(7209)	(2428)	75	63	62841
6/89		99.62	58281	5828	17476	(119)	585	40608	(17673)	(11845)	87	180	75757
7/89		91.25	42523	4252	29287	-	466	40608	(1915)	0	146	-	71810
8/89		94.87	44212	4421	29433	-	466	40608	(3604)	0	146	-	73645
9/89		90.75	42290	4229	29580	-	466	40608	(1682)	0	148	-	71870
10/89	SOLD ALL	87.37	40717	4071	29278	-	466	40608	-	-	-	-	70445

Hovnanain Enterprises

DATE	REMARKS	SHARE	SHARE	SAFE	CASH	SHARES	SHARES	PORT	BUY	MKT ORD	6%	COMM	PORT
		PRICE	VALUE			BOUGHT	OWNED	CONT	(SELL)	(SELL)	INT		VALUE
						(SOLD)			ADVICE	BUY
10/84		11.25	6666	666	3454	-	593	6666	-	-	-	120	10120
11/84		12.87	7635	763	3351	(16)	593	6666	(969)	(206)	17	24	10986
12/84		-	-	-	-	-	-	-	-	-	18	-	-
1/85		13.00	7501	750	3569	-	577	6666	(835)	IGN (85)	18	-	11070
2/85		16.62	9593	959	3587	(118)	577	6666	(2927)	(1968)	18	58	13180
3/85		16.75	7688	768	5524	(15)	459	6666	(1072)	(254)	27	27	13212
4/85		15.25	6771	677	5780	-	444	6666	(105)	0	29	-	12551
5/85		-	-	-	-	-	-	-	-	-	29	-	-
6/85		16.12	7160	716	5838	-	444	6666	(494)	0	29	-	12998
7/85		13.75	6195	619	5867	-	444	6666	561	0	29	-	11972
8/85		14.00	6216	621	5896	-	444	6666	450	0	29	-	12112
9/85		15.00	6660	666	5925	-	444	6666	6	0	29	-	12585
10/85	ADJ S/C	14.00	7868	786	4174	+118 SH	562	8438	570	0	21	-	12042
11/85		15.12	8500	850	4140	-	562	8438	(62)	-	21	-	12640
12/85		16.50	9273	927	4161	-	562	8438	(835)	0	21	-	13434
1/86		16.25	9133	913	4182	-	562	8438	(695)	0	21	-	13315
2/86		20.25	11381	1138	4203	(89)	562	8438	(2943)	(1805)	21	56	15584
3/86		28.00	13244	1324	5982	(124)	473	8438	(4806)	(3482)	30	76	19226
4/86		24.75	8638	863	9435	-	349	8438	(200)	0	47	-	18073
5/86		26.37	9205	920	9482	-	349	8438	(767)	0	47	-	18687
6/86		30.25	10557	1055	9529	(35)	349	8438	(2119)	(1064)	47	47	20086
7/86		30.12	9459	945	10599	-	314	8438	(1021)	IGN (76)	53	-	20058
8/86		29.75	9342	934	10652	-	314	8438	(904)	0	53	-	19994
9/86		18.75	5888	588	10705	105	314	8438	2550	1962	53	58	16593
10/86	ADJ S/C	16.12	9514	951	5503	+171/73	590	11647	2133	1182	27	73/49	15017
11/86		17.62	11685	1168	4219	-	663	12238	533	0	21	-	15904
12/86		19.00	12597	1259	4240	-	663	12238	(359)	0	21	-	16837
1/87		18.62	12348	1234	4261	-	663	1238	(110)	0	21	-	16609
2/87		20.87	13840	1384	4282	(10)	663	12238	(1602)	(218)	21	25	18122
3/87		25.25	16488	1648	4497	(113)	653	12238	(4497)	(2849)	22	69	20985
4/87		33.50	18090	1809	7313	(121)	540	12238	(5852)	(4043)	36	83	25403
5/87	2 FOR 1 SP	16.50	13827	1382	11329	(13)	838	12238	(1589)	(207)	56	24	25156
6/87		15.00	12375	1237	11570	-	825	12238	(137)	0	58	-	23945
7/87		15.25	12581	1258	11628	-	825	12238	(343)	0	58	-	24209
8/87		17.37	14334	1433	11686	(38)	825	12238	(2096)	(663)	58	41	26020
9/87		15.87	12494	1249	12370	-	787	12238	(256)	0	62	-	24864