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To: Gottfried who wrote (945)	7/23/1997 1:15:00 PM
From: Iceberg	of 1894

Gottfried, let me see if your understanding/interpretation of the charts you posted is the same as mine...on the Y axis is price, and on the X axis is time. The price is obviously ESV's, not that of the indices. So it looks like what they've done is to simply overlay the shape of the indices' line patterns over ESV's price and shape, using ESV's starting price as a point of reference (for any given chart time frame). Is this the way you see it? Excellent point you made about how easy it is for funds (or anyone else, for that matter) to manipulate the graphical presentation of stock charts! And especially charts potentially more important than stock charts - such as... My understanding is that it was not chart manipulation, per se, but an actual charting error in an O-ring performance chart (similar, in a way, to the flawed IOM chart we talked about), that led to the Challerger blow up. How one interprets charts can be critically important, and can cost lives - not just money. Ice

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