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Gold/Mining/Energy : Precious and Base Metal Investing

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To: Elizabeth Andrews who wrote (23577)	11/5/2003 8:04:28 AM
From: tyc:>	Read Replies (1) of 39344

I remain very bullish on Northgate, as is the bias between the warrants and the short. Moreover, because of the increasing delta of the warrants as the price of the stock rises, the position will become increasingly bullishly biased. Believe me, I have no fear of the upside ! However, psychologically I can view the position as two separate entities. Modern Portfolio Strategy recommends negatively correlated assets and periodic re-balancing, in which the strongly performing asset is reduced and the under-performing asset is increased. And that is my strategy. As the price of the stock increases I will short more stock (OR sell warrants) effectively locking in the gain. On a fall of the stock price I will cover the short (OR restore the position of the warrants leaving the short alone). (Buy low; Sell high :>)

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