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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Joan Osland Graffius who wrote (67119)	9/1/1999 5:38:00 PM
From: Knighty Tin	Respond to of 132070

Joan, I am holding many country CEFs, but no offshore funds per se. I don't trust offshore fund regulators. I prefer to play it with currency options. I have been playing calls on Swissies, Yen and Euros on the Philly for my partnership (We now have a small cap app fund in addition to the Maximum Income portfolio) and have been kicking butt and taking names later. I am backing off my Yen position to 1/3 right now, as I expect some intervention to stop the slide for a few days. Then I'll jump back in. I also have some long Yen and Euro futures on the Merc that I am hedging right now. Our buddy, DSI, is a good holding for lesser developed country currencies. However, it hasn't made me a fortune that I've noticed lately. <g> The discount is getting pretty fat here. I like the concept of buying LDC currencies at a discount during a period of mandatory dollar deflation.