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To: Bilow who wrote (80705)10/15/1999 12:30:00 AM
From: Glenn D. Rudolph  Respond to of 164684
 
By the way, OROA has had some interesting action recently. I tried to get it at 7 1/16, but it ran away from me
without looking back. Now it is returning.


Carl,

I will not buy something without the selling of something else.

And, like you say, he has talked about equity valuations before. What he is implying is that the same thing that
happened to the miners that hedged themselves in gold could happen to those who rely on hedges in the other
financial markets. That is, the market can move too quickly to allow the hedges to be kept balanced.


This is exactly what he is saying.

Glenn