Diary

3:15 Go to work

Lyle ~ Cobol-hosted sort bug.

Read Charless Time Manager.

Asked Russ "Who would use it"

He says "it's shelved"

Read 3 articles on time mgt.

Upshot: it can't be done faster by computer or better.

Finished w/Infoworld

Go to denny's

Come home + finish w/Park Avenue.

Results are based on deferring taxes by exchanging under the like-kind rule. But that sounds pretty shift if property's don't have about the same value.

Depreciation covers the income so it's deferred, and then when taxes are paid, they are cap gains (since basis is adjusted for deprec).

Real Estate property is just another business. It will not shelter my professional income, except for expenses on property, which are not improvements.

So: What I would want is a Real Estate Limited Partnership, so that I am freed of the hassles. But remember my reasons for no tax shelters -

not enough diversification

not enough liquidity

In short, the benefits probably just offset the risks.

Forget REAL ESTATE.

And the book's part on Personal Accounting sucks. No detail. No system.

The key is to (1) not spend much on "expenses" but on long term investment + (2) diversify.

Pay taxes now. Don't defer. Don't get rich too quick.

Don't waste time on investments I can't control. Just diversify.

11:40 GO TO BED

TUES, DEC 6

Thru 10:00 Had taken Invester Quotient test + gotten 11 out of possible 28! And I missed the 2 key indicators. Good to know I'm not cut out psychologically to be a trader.

10-11 Cut up 2 weeks of WSJ

9/12

Explorer 42.09

Morgan 13.82

12/5 (close yesterday)

Explorer 37.44

Morgan 13.75

"Everyone" is saying how poorly small company emerging growth companies will do. What do I want? DIVERSIFICATION...across

1) Since of companies + stage of growth

2) Hi-tech vs Lo-tech (NOT IMPORTANT)

3) Use of leverage, options, etc. (NOT IMPORTANT)

But No income, Go for Cap Gains. And go for long term, low turnover.

Pace + WL Morgan

have a variety of sizes of companies, and both determine which to be in based on market conditions.

Venture was leverage + options increasing risk. Also it sells stocks short. Large + small. Also in foreign companies. And in restricted securities. VERY BROAD SPECTRUM! Also preferred + convertible securities. Warrants

Sci Tech

International + Domestic

Just Hi-tech

large, medium + small companies

No margin or short selling

No options

Vanguard is less diversified.

Just Embryonic, hi tech.

Question is:

SHOULD I change Explorer to Morgan

1) so I have a more diversified Fund

OR) should I keep Explorer

1) so I have a more diversified group of Funds

Explorer hasn't done well; as of today it has lost 11% since I bought it. I don't expect it will lose more, but most money will be going to large companies I expect. It's price, though, has not been this low since Mar or April. So if I'd been buying it then by chunks I wouldn't sell it.

HOLD on but BUY NO MORE.

See also Tuesday Oct 18.

12:30-12:45 Commodore review

1) I don't need money; I need time

2) Since I'd seen it at NCC '82, we'd just be starting to ship it now also, competing w/Commodore

3) Nothing now in it for me professionally

a) would be resctrict to compatibility w/present BASIC

b) MUSIC can't be used by most people

c) sprites are easy

d) graphics are grainy

4) I already have code on every C64 already, so no EGO problem.

12:45 If Apple wants a BASIC for PRODOS, they will have to pay me a bunch for it. It's like a guy who invests in a name, and then someone wants to use it; that someone has to buy it. I want $$, so I can have time. I just don't want to work on it. Why should I??