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Technology Stocks : CATS - Catalyst Semiconductor

CATS 25.89

+1.6%

Jul 2 5:00 PM EST

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To: Norrin Radd who wrote (84)	12/13/1995 4:20:00 PM
From: Tom Claugus	of 231

Tom, I really do not like to discuss the name of the fund. I manage a hedge fund that has about $17MM in assets. My clients are individuals who are well off and I have some fund of funds and pension money. Minimum investment in the fund is $500,000. I started the fund with my father 3 years ago. Our performance this year has been less than spectacular due to our large short positions in the market. We are currently 60% short 40% long... very aggressive com- pared to most people. This positioning is based on the fact that we feel the market is very high and due for a correction based on statisti- cal models we use to allocate our funds. We are small fish in this invest- ment ocean and I rely on in depth research by attending shows etc. to have an advantage on the big guys. Our performance has been ok - 26.5% net year 1, 17.5% net year 2, and this year we are up a scant 3% (as I mentioned this is due to our large short position). Frankly, despite the low number I consider our performance this year to be respectable being 60% short in a market that is up 35%. I have probably said more than I should but I hope it may be useful to you to know where I am coming from. I will attempt to give my most objective opinions possible and you should just take it for whatever you think its worth. I tell everyone I know that your personal research to confirm what others are saying is essen- tial. Investing on rumor and opinion is foolish and you won't have the wherewithal to stick to your guns when the waters get rough. Best of Luck. TOM CLAUGUS

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