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Gold/Mining/Energy : Gold Price Monitor

GDXJ 109.23

+3.7%

Nov 28 4:00 PM EST

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To: Enigma who wrote (44889)	11/12/1999 5:15:00 PM
From: Ken Benes	Read Replies (1) of 116786

This explains it all. You were one of those lucky individual to be on the corporate gravy train. I'll bet you had a truck loads of options that you cashed in during price runnups of the companies you had relationships with. As you have so often referred, hedging has improved both cash flows and balance sheets for those companies that have engaged in the practice. I have mentioned over and over, these benefits have not accreted to the shareholders, rather management has enjoyed enormous benefits. I have played the game and I know it well. I have been involved in a multitude of junior companies some of which I provided a bit of the seed money in return for private placement stock with options. It was better than owning a printing press. Unfortunately, shareholders of the hedged producers have experienced none of this benefit. You guys on the corporate gravy train were interested more in your own pockets than in the investors who own the company. Ken

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