Daddy's Pick update

[Kevin]

A note to all newbs looking to buy stocks.

Keep your statements/records and make sure to give them to your accountant at the end of the year.

Short term ownership of stocks means big taxes. Its still worth doing of course, but many are not aware that stocks held for short terms (not sure of the timelines off top of head) are taxed much higher than long term holds.

[Daws1089]

stocks sold within 1 year of buying them are capital gains taxed at 25%. stocks sold after 1 year of ownership are taxed at 15%. That is if in fact you make a profit.

[AddictedToBetting]

Originally Posted by Daws1089

sorry to daddy diego for completely changing the intention of this thread.

ATB,

I've only read textbooks on stocks and the market so i do not have a reccomendation for you. I'm still in school getting my degree in Finance so no books for me. I've learned from trial and error, in the classroom, and from a friend. That guy I mentioned before Jim Cramer has several books out which I would believe to be very helpful. Any book about investing by Warren Buffet would also be a good start.

Warren Buffet, I ******* love that guy. He inspire me every time I watch or read about him. I might do that btw. Might as well go get some of his books and Jim Cramer this weekend. Thanks a lot bro.



BTW, sorry Daddy Diego for hijacking your thread. No hard feelings bro. Keep up the good work and keep all of us updated on how you're doing.

[Daddy Diego]

Its all good about the thread hi-jack. All for the sake of sharing knowledge. BTW I got out of Valero at 76.50 (even though I had it's intrinsic value at over $100). I suggest that if you are still in, maybe getting out. Easy for me to say with over 30% ROI on that bad boy, but while they are a good company an the growing leader in the oil industry, they were nothing before 2004, and I think they're getting too hot too fast for a our very critical oil market. They have yet to pass the test of time, so I'm out... for now. Something is just telling me that a drop is going to be imminent as they've been consistently reaching new price levels, a support level will soon be established. So did you guys start wheeling and deeling stocks yet?

[Fish2006]

Originally Posted by Kevin

A note to all newbs looking to buy stocks.

Keep your statements/records and make sure to give them to your accountant at the end of the year.

Short term ownership of stocks means big taxes. Its still worth doing of course, but many are not aware that stocks held for short terms (not sure of the timelines off top of head) are taxed much higher than long term holds.

A good broker like Schwab will compile a report to go along with your tax statement that tracks what needs to go in your tax forms at the end of the year. Given the trades there are pretty close to the lowest discount broker if you have any volume (9.95 per trade, slightly more for options) - and that the sweep account there now gives you 4.25% interest, it isn't a bad alternative to the cheapest brokers.