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Gold/Mining/Energy : Enron - Natural Gas Industry
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To: Jon Khymn who wrote (318)10/31/2001 7:21:03 AM
From: Larry S.  Read Replies (2) of 1433
 
Old Chinese Proverb: Waiting for stock to stop dropping! ENE is in complete free-fall, massive unloading by Janus and other funds. Putnam was the fund family with the biggest position after Janus, I believe, and they, like Janus, don't want to get caught again with a huge number of shares of a bomber.
We also need to understand the nature of the derivatives and limit partnerships that ENE was involved in. They may have agreed to BUY electricity at prices much higher than the current market price that they can sell it for. Though I would assume that they had hedged both sides of the equation. But this is a house of cards a-crumbling fast. Once the dust settles, there probably are some good bucks to be made, but i thought it was cheap at 25, 19, 15, 12, and now 11. have resisted the urge to initiate any position yet. as the old saying goes: it don't cost nuttin to look. larry
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