B6 - Sunday, October 16, 1983 - North Shore News BS business [jg Small fry By SUSAN V. VECCHIO IN A recent article in the June edition of McLeod Young Weir's publication “Investment Decision”, Re- search Director Selwyn Kletz categorized the most recent performance of the stockmarket as being the entry phase of retail (indivi- dual) investors. The initial mse in the equity market since July 1982 was almost exclusively attributable to institutional investor interest. During this period it ts estimated that these major financial institutions raised their equity holdings within their portfolio’s from ap- proximately 22% to 35%. It was expected that at about the 40% level the financial institutions would be in- chned to slow their pur- chases, and hence _ the possibility of a quieter market should retail wnves- tors remain inactive. Since mid-April, it ap pears that retail investors have become a decided fac- tor in the day-to-day activity of the equity market, as evidenced by recent surges in volume traded on the Tor- onto Stock Exchange, as well as the characteristics of the stocks that soared. In particular, Kletz notes that the Vancouver market, (usually noted for retail participitation) has had a decided increase in activity and price. While it was reasonably easy to gauge the potential for institutional investor participation in the equity market, the potential performance of the retail sector is not readily ap parent. An interesting feature of the prevailing strength tn the equity markct is its apparent lack of frothiness, 1n that the mse in equity prices has been select, and the market has not yet reached the stage where the purchases arc “made willy-nilly under con ditions of rampant specula tlon There are signs of such speculation developing, as is already evident by the extent to which new issucs are sub- scribed, and the = price performance of those issucs immediatcly following list ings. However, a usual sign of a frothy market 15 high premiums on call options, and this is decidedly not the case. In fact, option prem! ums appear surprisingly small, although McLeod at tributes Uhis to the fact that optionable stocks tend to be in the bluc chip category and these stocks have not fully participated in the recent price performance ol the cquity market. Kletz believes that it would be folly to suggest 4 turn in the cquity markct in the short term, on the basis that cuphona is not readily predictabic However he Cautions investors regarding the petcanal volaulity prevalent in a cuphoric cquity markct, and advises that as the cquity market) continucs its rise oquity holdings be progressively switched into better quality stocks, with sound tong term potential PASSING THE BUCK is numismatist John Bejema of North Sound Stamp and Coin in Washington. The 1923 American $1 bill he’s holding is now valued at $10. John was in town for the North Shore Numismatic Society’s 9th annual coin show at Highland Church last weekend. money. — Pages and pages of money-saving coupons from focal businesses will arrive at your home in the Wednesday November 30 North Shore News. This will be the third edition of the North Shore News Coupon Clipper and the new smaller format is just right for your pocket or purse. Look for the Coupon Clipper November 30 it will save you money A Call Philip Our coupon § advertising epectalist, Philip Keefe, wants to talk to you about how the Coupon Clipper can work for your business. 980-0511 Advertising Deadline Wednesday November 16, 3 00 pm Sundiy: news north shore. news Display Advertising. 1139 Lomedate Ave.. NV. PURCHASING A COMPUTER? ° To ° eTo e °eTo ° e For e There is only one intelligent choice! APPLE*64# + + CLONE 495 °15 key numeric pad ©64-KB b/in motherboard e27 function keys ©10K BASIC on board efull upper & lower case ©90-day warranty DISK CONTROLLER CARDS SLIM LINE DISK DRIVES 299" JOY STICK (T.G. TYPE) SELF CENTERING 49” 16 KB MEMORY CARD 6 500 EPSON PRINTERS 6 B00 ULTRA QUALITY DISKETTES 21 foor ors0 Z80 C.P.M. CARD 6 500 SUPER-COOLING FAN WITH LINE SURGE SUPRESSION FROM 49” || 469% 48 KB CLONES 12” GREEN (4 ONLY) MONITOR 399" || 139°° WE GUARANTEE B.C.’s LOWEST PRICES Tell us you sawthis in the North Shore News and we'll give you one FREE DELUXE JOYSTICK with your APPLE *64 computer purchase. SELECT MICRO WORLD 382 West Broadway Voncouver Ph 879 4144 Prices in effect only while quantities last We reserve the mght to lit quantines “Apple Is the trademark of Apple Computer Inc