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To: Tim Robbins who wrote (21)	7/7/1996 11:08:00 PM
From: Michael Burry	of 66

By selling the calls, I will get the equivalent of a 58 price if they are called, including the premium A good rule of thumb is whatever you think the move will be, sell at 75% of that move. 58 is about 75% of any near term move. I am just being conservative-- I don't disagree that it will go to 60, but in a down market I don't see it moving much past that. Especially with the slow down in mutual fund purchases by consumers. I am holding half my stock without calls for the long term, specifically because of potential moves I believe the company will make that will affect the stock price significantly. Don't get me wrong-- this company is seriously going places.

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