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Politics : Ask Michael Burke

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To: Joan Osland Graffius who wrote (94772)	3/2/2002 12:29:03 PM
From: Telemarker	Read Replies (1) of 132070

FRE and FNM are frequent subjects of my favorite weekend read, the Credit Bubble Bulletin. This week, a guest author (filling in for Noland) takes a few pokes at the GSEs: safehaven.ca At present, I'm holding puts on 5 of the financials, but not on FRE or FNM. Was wondering if you'd compared the long put route with that of taking short positions in the stocks and covering them with calls. Seemed to me like the risk/reward profile may favor the latter - but I haven't created the charts yet. Starting to think that interest rates increases are going to be needed to seriously dent the financials, and that is another reason why rates may not be going anywhere for quite some time. EOT seems more like a Demon Child. Hope it wasn't anything that I said some time ago which encouraged you. Alas, even my beloved ARLP has hit some operating problems but I maintain my core position. Regards,

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