Democrat and Chronicle from Rochester, New York • Page 36

DEMOCRAT AND CHRQN1CLETIMES-UNI0N, ROCHESTER, N.Y., MONDAY, JANUARY 22, 1996 mTiTT TT TTTTT No MBA, but book provides education All-star experts offer tips for the entire investment process 4 1 i '96 CAVALIER PR '95 METRO '95 LUMINA VAN -1 l847.Loaoed, cassette, demo, 7 pass I BvC'UKF HF.PRl'RN 3552. Soorly new style, dual aif bags, abs fj-f 9375 Dual air bags, sport coupe Was $8456 NOW Was 511,168 NOW M0.222 1 i 96 S-10 PICKUP 43564. Dual airbags. abs. more '96 BERETTA 3147.

AMFM stereo, air, airbag. abs Was $13,295 '95 PRIZM 1717. AMFM cassette, air. dual air bags Wa sum 3 i- NT i NOW -JH NOW 1 ii ft OftCt NOW '9995SSSa 'r 1 '96 LUMINA '95 TRACKER 4X4 '95 CONVERSION VAN ve, air 1674. Auto, 4 wheel drive, abs 1541.

Loaded. Coachmen Was $23,895 rJ 3053. Dual airbags, abs, Was $17,035 NOW ye1-' Was $11,203 NOW fffrfrrl I ri rr rt i-rvi Ti-rTrfrr i'vi'I' TIT I I FT the pitfalls to look out for, and the information to seek. She then discusses benchmarks, which are widely used but often grossly misunderstood. The limitations of using unman-aged benchmarks such as the 500 Index are highlighted, with recommendations for the use of actively-managed equivalents that realistically take into account cash reserves, advisory fees and trading costs.

No investor likes buysell spreads, management expenses or trading commissions, but Robert Jeffrey delivers an astute observation that income taxes are the biggest investment expense of all. Since capital gains are the worst offenders, various methods of minimizing taxes from these are described. On a lighter note, the final chapter features Michael Jenson and Donald Chew providing a reminder that real-life investing is related to business. It is about company activities, about profits, growth rates, cash flows and management abilities. However, piercing analyses of the strengths and weakness of big-company USA in global markets remind CEO's of considerable changes and extra efficiencies that still have to be achieved.

While the title's claim of an MBA in investing may be exaggerated, the book does provide very good explanations of many advanced investment subjects, even though further explanations are sometimes required. Cliff Hepburn is a local mutual fund advisor, who writes regular investment book reviews for Rochester, Inc. He may be contacted at 461-5229. 'All prices include applicable rebates and 1st Time Buyer rebate, plus tax license. Prior sales excluded I I I I 1 I I I I I I I I I I I I lilt JJLJJdJ-U I cpEClM- 95 CORSICAS PURCHASE: Have you heard the sporting expression "the more you practice, the luckier you get?" The same principle applies to investing.

With money at stake, it seems sensible to practice regularly through study. Serious investors who are keen to improve their analytical abilities will benefit greatly from The Portable MBA in Investment, edited by Peter L. Bernstein (Wiley, 1995, where "an all-star team of investment professionals ofTers a broad-based course in the entire investment process." This book falls between a college text and the usual book on individual securities, and features 1 1 eminent authors explaining how they balance logic and intuition to arrive at sound investment decisions. Charles Ellis leads off by advocating the buy-and-hold policy to take advantage of the compounding value of time, and Gary Brinson emphasizes the increasing need to use global assets to minimize risk while optimizing return in the asset allocation process. Mark Kritzman takes the subject of risk to a new level, describing it in both academic and emotional terms.

He explains the idea of maximizing performance satisfaction, providing a wonderful description of the real difference between academic theory and human reality.His simple explanation of why most investors are inherently and sensibly adverse to mo. PR i I I I I II II II I I II II I I rr I I I I I I I I I I I I I I I I I I I I I I I I I I I i I $0 DOWN USED CARS TRUCKS OVER 50 TO CHOOSE FROM '89 FORD ESCORT risk is a short masterpiece. It's always wise to buy at a low price, and Terry Marsh takes on the difficult job of explaining how to use general valuation models to price securities under various market conditions, giving a clear description of the valuation of cash flows from stocks. Unfortunately, the topics of bond and derivative valuations are heavy going. Here, too much is condensed into too lit1 tie.

Koger Arnott's giant chapter is crammed full of practical advice about asset allocation, trading, risk tolerance, etc. More for institutional investors, Koger Clarke tackles the complex subject of portfolio hedging using forwardfutures contracts and put-call options in a very-readable manner. Moving on to rewards, Nancy Jacobs does a great job of evaluating performance. She first details how to interpret total return and other performance results that are published by managers, explaining '95 HONDA CIVIC 3365A.Sportyr9d.2dr. with economical 5 16,000 mi.

$9995 or SP709A.2dr.,h.b.,auto. pspb, AMFM. more, 49,000 mi. $4889 or '93 CHEVY VAN CONV. 1750A.

Full size. 4 captain chairs, told down rear seat. air. AMFM 4 more $12,493 or $275 60 mo. '93 MERCURY COUGAR 3375A.V6, lull power, air, AMFM 41,000 mi.

i more $11,593 or $255 60 mo. 199 166 66 mo. 36 mo. '94 FORD TEMPO CHEVY SUBURBANS 91 '94, both 4X4. hard to find models with lots ol equipment SAVE P644A.

4 auto, air, AMFM more, 28,000 mi. $8994 or '92 CHEVY LUMINA P727A.4dr.,V6, air, AMFM, tilt, cruise more, 48,000 mi. $8492 or '189 60 mo. '95 CHEVY BERETTA GT Choice of two, both V6, air, full power $13,995 or 283 66 mo. 183 66 mo.

rn i 'PAYMENTS BASED ON 10.5TO"l3.5 APR. VAR RATE. TAX TAGS EXTRA. 11 I STOCKS NYSE 52-week Rochester District Heating Cooperative We're Celebrating Our 10th Anniversary But There's One Thing You Really Need to Know About Us High Low Company Ply. PE Salts High Low Last Chg 10 5''4 FNB Rochester Corp 11 362 9 9 93'4 49'? 35 Genesee Corp 1 40 17 51 46 45 453A 3t 26 19 Goulds Pump ,80 22 3106 24 23''? 24 143i 57'i6 Hahn Automotive .46 141 7W 63'4 7 -V4 1 1 '4 6 IEC Electronics 12 5999 103'4 8 10 1 63'4 Intodata Systems 11 5 4 4 31 193 Letchworth Bancsh 44 11 7 31 31 31 8 4''? MPT 81 80 5''4 4 4 5 4 Magnetic Tech 74 4V? 436 4V? -V4 10 3 Microtel 28 500 9' 8 8'4 -3A 36 17 Mobile Telecom 65533 20''? 17 18 19 123'4 Monro Muffler 74 14 2731 133'4 123'4 13 -'4 11'4 53a Moscom 04 76 1265 83'4 7 8 153'4 7 PSC 84 4465 81'? 73'4 8 55 25 Paychex 36 54 11423 65 49 53 2V? 17 12''? Pro-Fac Cooperative 1 72 36 14'4 133a 1334 25 16''? RCSBFn 48 10 1943 22'? 22 22V? 40 27'4 RCSBpt 1 75 148 35''? 34 35 3'4 14 Rank Am 55 820 14'' 13 1334 233'4 15 Raymond Corp 89 11 1074 21'? 20'? 20'? -V? 23'4 5i6 Sayett 192 9'is sie 5ie -83? 22 16'4 Seneca Foods 23 77 19''? 18 19'? 1V? 7''8 4''4 Transmation 13 112 6 5 5 5''4 2 Travei Ports 7 242 2 2'? 2'? 4'-4 1 Village Green 4150 g'w 13'4 i34 -5'n 52-week Yesterdays High Low Company Oiv.

PE Sales High Low Last Chg 44''? 30's Bausch 4 Lomb 1 04 18 9330 40 38''a 39''s 134 668 Chase Manhattan 1 60 11 91910 627a 56''8 62 4''s 74 38V? Citicorp 1 60 10208135 70 62V; 70 6 183'4 10'8 Coltec Industries 12 1731 12 n-V 12 V8 74''8 52SH DuPont 2 08 13 62142 72'8 69a 711'? -V 69''? 48V? Eastman Chemical 1 66 10 11729 65' 6' 62''? -V? 7Q3' Eastman Kodak 1 60 19 66317 66V 69 2S 9 6''4 Fays .20 14 1786 7V 7V? -V 433'4 2978 Fleet 1.72 9 75002 4tra 364 398 -V? 303'4 195H Frontier Corp 83 19 16244 30''? 293 30 647'8 49''? Gannett 140 16 10431 617'8 S97'8 61 'e 53''8 37''4 General Motors 1 20 7 83608 493a 467'9 473j -Vb 42''? 28 General Signal 96 19 3843 3 2 327'8 37'4 15 GleasonCorp. 60 11 1761 29 27''4 2Tn -17b 61 4QV? Harris 136 13 10119 5434 487a 53'? b7'8 4'4 Hatmarn 45 1207 4''? 4V4 4V? 24'-? 21 ''4 ITT Industries 15 34759 23''? 22'? 22''? -V? 114 70'4 IBM 1 00 11361793 104''6 83''8 102 155D 923B 54 Johnson Johnson 32 24 59005 877-e 85 86 5'8 33 May 1.14 13 48826 44's 41 4134 -3'4 697'8 5034 3M 1 88 19 66673 67''4 62''8 62 -2 117 823'4 Mobil 3 70 21 40554 109''8 1 10''? 24' 20 Roch Gas 8 Electnd 80 10 5530 233'4 223'4 233 35'? 20 StuLnCp .24 11 168 35 34 34 25 16''a SybronCorp 22 270S 24 22 23 ''4 50 41 Tennecolnc 1 80 14 32263 48'? 47 48Vi 144 103 Xeron 3 00 17 24018 1403'4 129 139 6'u AM EX 218 138 First Empire 2 80 12 438 218 209 218 71'? TtVs 9 Graham 55 16''8 15 15 NASDAQ 25 13 ACC 2214 23 22'd 23 hi 183'4 12'4 Albion Banc Corp 123 10 17''? 17''? -V? 15 10 CPAC 13 86 13''? 12''? 12''? -M 53 293'4 Canandaiflua Wine 17 10930 36'4 32''4 34 1 8V4 5 Detection Systems 25 77 6 5 6 OVER THE COUNTER Bid Ask Chg .06 .16 a .09 .06 .09 25 9''. .12 13 .03 02 Captain Tonys Metal Arts Monro Title Microlytlcs Warehouse Auto MUTUAL FUNDS Clover Equity Valu Clover Fixed Incom Bond Fund Grwth A Bond Fund Grwth Bond Fund Grwth Roch. Municipals Ltd. Term NY MF A Ltd.

Term NY MF 1447 .12 10.02 .05 1394 14.41 .04 1396 n.a. 04 1394 n.a. .04 1815 1891 .11 3 27 3 34 01 3 28 na. 01 BANK RATES sn iip ilk jL- Our four-butler steam general tug plantj mjl, ssiS- 0ir tojiwfii downtown Rochester. 1 Personal loan rates and deposit yields Rates are (or an unsecured personal loan at Rochester-area banks, thrifts and credit unions as of last week.

Most offer loans to non-customers, although rates may be different and the rates also may vary by branch. Rates are for a $5,000 two-year loan unless otherwise indicated. Money market account and certificate of deposit rates and yields are current as of Jan. 18. but may change daily.

They're based on the smallest opening deposit allowed. The yields on CDs reflects how the institution compounds interest. This is not an advertisement for credit as delined by paragraph 226.24 of regulation 2. 3 UNSECURED PERSONAL LOAN RATES MONEY MARKET CERTIFICATES OF DEPOSIT kJr 24 Months, $5000 loan 6 Month 1 Year 2 Year 5 Year BANKS F'ed Var. Rate Yield Yield Yield Yield Yield Chase Manhattan Bank 800-456-6648 12.95 NA 3.00 3.05 4 55 4 60 4.76 513 Citibank, 248-7378 13.99 NA 3.30 3.35 4.86, 5.00 NA 5.50 Eastman Savings, 724-1991 1190 NA 3.49 3.55 5.00 5.25 5.30 6 00 First Federal, 454-4106 NA NA 3 44 3.50 5 00 5 25 4 80 5 50 First National Bank, 258-1608 10.99 NA 2 52 2.55 4 80 5 05 5.30 5 60 Fleet Bank.

800-255-7740 14.00 NA 2.75 2.78 4.24 5.29 5.34 5.65 Lockport Savings Bank 434-6621 12.90 NA NA NA NA NA NA NA Lyndon Guaranty, 663-8930 NA NA NA NA 5 25 5 40 5.70 5 95 Bank. 1-800-724-2440 13 70 9 34 3.20 3 25 5 00 5 05 5.25 5.50 Marine Midland, 841-1000 14.00 13 25 2 75 2.78 4 90 4 90 5 08 5.00 Merrill Lynch, 263-4804 NA NA 5.24 5.33 5.30 5.10 5.21 5.45 OnBank. 442-8893 12 50 12.50 3.00 3 05 4 92 5.13 5 23 5.35 Rochester Community. 546-3420 12 98 11 98 2 57 2.60 5 00 5.15 5 30 5.30 Smith Barny, 546-0349 NA NA 5.10 5.10 5.00 5 00 5.15 5 35 CREDIT UNIONS Advantage F.C.U., 454-6900 1195 NA 3.60 3.65 5 25 5.55 5.70 5 90 Fairport Federal CU. 223-9151 12.90 NA NA NA 5 01 5.14 5.48 NA Hilton Federal CU, 392-7310 12.00 11.00 3.30 3.35 5 15 5 30 5 45 NA Lexington Avenue F.C.U., 254-4543 11 25 NA 3 63 3 70 5 05 5.15 5.40 NA Penfield Credit Union, 586-8225 13 50 NA 3.44 3.50 5.05 5.25 5.45 5 75 Pittsford Federal, 381-1622 13 00 12.00 3.50 3.54 4 95 5.15 5 25 NA Roch.Monroe F.C.U., 546-4279 13.00 NA 3.55 3.61 5 06 5.51 5 77 5 93 Roch.

Ukrainian F.C.U., 544-9518 10 QQ 9.75 3.75 3.82 5.20 5.35 5 61 5 88 The Summit F.C.U., 263-7000 11,75 10,25 3 55 3 61 5 10 5 40 5 SQ WCTA F.C.U, 800-724-9282 1 1 35 NA 4 12 4 20 5 15 5 40 5 55 NA Wegmans F.C.U., 359-8830 NA NA NA NA 5 54 5.56 5 64 5 67 Xerox F.C.U.. 422-5055 NA 13 50 3 64 3 71 5 29 5 55 NA NA Need to dean house? Read Hints From Heloise Saturdays in the Home Real Estate section. (fbronidt NA Not available NO Nol quoted Source of data. Real Estate Mortgage Advisory TIMES-UNION.