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To: hpeace who wrote (420)	12/7/1996 9:59:00 PM
From: Ed Frye	of 4749

Hi steve....I've been reading your posts from the last couple of days and I must say you have the patience of a Saint! Anyway, it's good to see you are still out there espousing your conservative but lucrative options stragegy. As you may recall, I do the same thing as you do, more or less [g], except I buy deep/in/the/money long-term calls as a substitute for stock. Gives me more leverage and if the underlying goes south I gain time value on my long position to cushion my fall. Anyway, I was wondering if you ever gave my approach any more thought. Another difference between us is the diversification issue and I'm beginning to think you are right, less is better, I have about 10 going right now and I'm half crazy....take care buddy.....ed

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