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Strategies & Market Trends : Van Wagoner Funds
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To: Allen Salo who wrote (69)4/25/1997 10:03:00 PM
From: Peter Speyer   of 76
 
I know he's been hedging for at least this week, based on the movement of his holdings and the movement of the EG fund. I first noticed it on Wednesday this week, when the fund was up .11, and his stock holdings showed a much larger gain would be expected. It looks like it started after the big drops in share value early last week. I suppose he could be shorting or using options, or both. Fund managers have the option to use these tools if authorized under the prospectus guidelines. How often it's done is another question. I imagine he's waiting for a genuine turnaround in the tech stocks before he goes fully long. He has diversified into oil drilling stocks as well. As of mid-February, VWEGX was 23% invested in energy services and oil and gas related stocks. He was also 6% invested in Avant! Ouch!
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