Bill Wexler's Dog Pound Message Board

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Non-Tech : Bill Wexler's Dog Pound

REFR 1.620

+3.2%

Dec 5 9:30 AM EST

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To: Bill Wexler who wrote (1256)	6/8/1999 9:59:00 AM
From: Marconi	of 10293

Hello Mr. Wexler: WCAP Had a nice run up yesterday. Closed end fund with mid single digit assets. The public was gobbling it up as if it had a P/E rather than P/assets. It can effectively be arbitraged for nearly 20 points. Trading volume continues to diminish as the hooplah is dying down and it may be trickling in to those who ran it up that they are buying into a closed end fund at a about a 500% premium. I am short a few thousand to take advantage of this very unusual turn of events. I missed shorting in the 40's 50's chasing minor points. Have been in at the 30's and teens and boxing to try to take advantage of the 2 to 4 point swings, but not so successfully as the fundamental value. Timing largely eludes me, yet. Best regards, m

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