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A better link might have been:

http://www.secinfo.com/dsVQx.t4c.htm

Feb 26, 08 - 10:49 am Comment from: G4Dualie

Stock Participation Accreting Redemption Quarterly-Pay Securities - SPARQS

A callable note that pays interest to the holder, and upon maturity is exchanged for shares in the underlying company. These investment products are issued and underwritten by Morgan Stanley and provide investors with both interest payments and exposure to the stock market.

Feb 26, 08 - 11:20 am Comment from: DavidO

Thank you Macaday and G4Dualie for the info. I didn't have a clue.

Feb 26, 08 - 11:20 am Comment from: MacBill

Um... translation, please?

Thanks G4 for the definition. I've been waiting to buy Appl. This seems like a good product. Is the downside that the payout is determined by the price of the stock in 2009 and it can't be redeemed, if that is the correct term, before then?

Feb 26, 08 - 11:46 am Comment from: macaholic

sounds like 3 card monte

It sounds typical of a plan where lemmings end up not making the kind of money they should.

Feb 26, 08 - 12:15 pm Comment from: Spark

I recommend that you invest instead in SPARKS

Feb 26, 08 - 12:43 pm Comment from: G4Dualie

Original Shiva...

Yes. If you mean "can't be redeemed", as in for cash.

I'm just spitballing here but, if you were sitting on a bunch of Apple shares (which haven't done much lately) and you liquidated some of them to buy the notes from MS, theoretically the payout would be interest earned plus getting your shares back in '09.

MS's faith in Apple is obviously pretty strong and anyone who can afford to move money can use this instrument to make a little more money off their Apple investment. This is long-term stuff for true believers which any day-trader would gladly sell you.