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To: Sonki who wrote (20915)	10/9/1999 7:21:00 AM
From: JDN	Respond to of 64865

Dear Sonki: Are you aware of Unit Trusts? I like them better than Mutuals because they do not roll out capital gains until they mature yet they trade and can be liquidated any time you wish. I have done very well in three from Nike (Calif. Growth Stocks) a Technology one and an Oil Stock one. I looked into the financials one from them and 3 other sources. Didnt buy any as they all have brokerages (which I do not want to have any part of) and some other things I dont want to own. Might just pick 3 top banks and buy some of each, although you know financials do not have the torrid growth Technology offers even from these depressed prices I think. JDN

To: Sonki who wrote (20915)	10/9/1999 2:21:00 PM
From: Alok Sinha	Respond to of 64865

I did sell the Oct 95 puts (a little early but still with a 150% gain in 2 days), but did not buy back the covered calls. There is a good chance it will expire worthless. Typically, the realized gains on the puts offset any paper losses on the underlying stock, so the overall portfolio value is conserved. I think of it as a form of portfolio insurance. But I do not buy long term puts on my underlying stocks for two reasons : (i) premiums are high (ii)if I thought that the stock was going down long term I wouldn't hold the stock. It is only when the stock pops up 10-15% over a few days due to investor enthusiasm or short covering that I buy short term puts to benfit from consolidation and profit taking. Regional banks look excessively undervaled (I bought some FTU jan 40 calls last week, which has since doubled), but with the rising rate environment I don't think a big rally can occur. But the PEs in this sctor are unreal (< 10). I guess you can sleep better with those stocks, as I don't think there is much downside. Regards Alok