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Politics : Ask Michael Burke

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To: Joan Osland Graffius who wrote (96573)	7/9/2002 12:47:10 PM
From: Tommaso	Read Replies (1) of 132070

I don't know how long it can keep up, but the underlying value of FCO and FAX keep leading the rising stock price., as I am sure you notice since you gave me the symbols for the NAV quotes. Also, when we talk about a 25% decline in the dollar being possible (and we are already almost halfway there), that implies a 33% gain in other currencies on average. Also, since the payout from FCO and FAX is based on the currencies, the payout might actually be raised--or at least, less of it will have to be return of capital. I think I am going to stop thinking about selling these things and hunker down until the United States manages, if ever in my life, to do something about this crazy trade imbalance. I wish we'd have a big fast market crash so I could convert my BEARX and Dow puts into more FCO and FAX before the dollar goes on down. Past Sunday's NY Times had BEARX on the front of the financial section in a box of the highest performing five funds for the year. Up 35% they called it--maybe that was just for the quarter.

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