Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: TobagoJack who wrote (33703)	5/14/2003 4:58:27 PM
From: Cogito Ergo Sum	Read Replies (1) of 74559

Hi Jay, I'm a little leery of PWI. As I noted previously I exchanged my traders in PWI (2X core position) in February. There is other discussion around that time frame on that thread on Primewest. Message 18615676 Two issues for me are 1) hedging may be too much too soon muting the call option on NG effect and 2) the last placement was to reduce debt (while not necessarily too bad, I still have my core) which add's to the aroma of ponziness.. I think they are still suffering from paying too much during the last NG bubble for a property (Cypress Energy I think but don't quote me). Also new to me are the Heat Rate Swaps. I spoke with IR on those but am waiting for a call back as the IR person didn't know how they worked. I'm guessing they are exchanging a fixed amount of NG for a fixed amount of electricity so if NG goes up more per energy equivalent than it's not goo but if the opposite happened it's good. Anyway I'm not sure on that one so maybe someone else could step up to the plate. regards Kastel

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