Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: energyplay who wrote (24146)	10/12/2002 8:23:04 PM
From: TobagoJack	Read Replies (2) of 74559

Hi energyplay, <<NEM>> makes up about 10% of my equity slice of portfolio (equity slice accounts for 6.x% of overall NAV). My NEM put options, if exercised against me, will increase my NEM holdings by 300%. If all my outstanding short Puts are exercised against me, then my equity slice will rise from 6.x% to 9.x% of overall NAV, assuming the shares do not fall much below my Put strike prices. I expect most of the Puts to expire worthless, and same for Calls: Short SWC Oct Call 20 covered Short HGMCY Nov Call 15 covered Short NEM Dec Put 25 Short NEM Dec Put 20 Short CMCSK January Put 12.5 Short VZ January Put 25 Short BP January Put 40 Short AOL January Call 10 covered Short CD January Call 12.5 Short CD January Put 10 Short HGMCY February Put 10 Short FCX February Put 10 Short PTR March Put 20 Short MO March Put 32.5 As gold corrects, I expect to build my paper gold inventory to 10% of NAV, and hope to sell it back into the great pool of funding ASAP at 4-5% markup. Chugs, Jay

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