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Strategies & Market Trends : Gorilla and King Portfolio Candidates

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To: Mike Buckley who wrote (1981)	5/15/1999 11:49:00 AM
From: Uncle Frank	of 54805

>>Did you ever think I, of all people, would short a front office stock? Bottom feeding (or should that be top skimming?), Mike? Don't be apologetic about recognizing an opportunity to make money. I think this is a skill we will all need to hone as we head into the summer slump, unless we are content to sit tight and watch our portfolio values drift down until the 4Q return of optimism. There's some interesting psychology in playing the downside. I actually felt guilty about buying puts on cpq in February - as if I was planning on profiting from the anguish of the good folks who were long on Compaq <think grave robber>. But in actuality, I think most of the float of put contracts is written by the companies themselves (this is surely the case for dell). In the end, I was deeelighted about 300% returns in 2 months <g>. I read an article years ago that analyzed the odds at craps. Turns out that <don't pass> is a better bet than <pass>, but not many play it due to the reaction of their fellow gamblers. Strangely enough the need for peer acceptance may be a stronger driver than greed. Frank

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