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To: scaram(o)uche who wrote (117)	10/18/1999 11:20:00 PM
From: RWReeves	Read Replies (1) \| Respond to of 743

Fair is fair, I used the high/low range that the portfolio showed for ARIA Friday, assuming a limit would have been hit. So maybe the low was 1/16 over. Since I was out of town, I didn't watch the blow-by blow. I'll check the spread on one of the more robust sources and make the adjustment. Like I said, I don't care about the 1/16 or even the 1/4 its $3.00-5.00 I'm looking for. I will go back to the discussion I had with DAK and Peter on the Derivatives thread I think it was and bring the link over. RWR

To: scaram(o)uche who wrote (117)	10/19/1999 12:43:00 AM
From: RWReeves	Respond to of 743

GZMO- What value a tracking stock? Here is the somewhat theoretical debate which raged until we got tired of it and decided to make some money instead on CLTR and GLIA bounces. Opening volley: Message 11253792 Which results in a series of subsequent posts. Boils down to: If there is only one possible acquisition buyer and (GENZ) is only a price taker, it limits the value of the stock significantly since the underlying value of cash flows are not "tradeable". IMO. Market may not care (or fully realize?) about underlying value of the risk-adjusted discounted cash flows, which would make it a "tulip" if price and value are not linked. So I've decided to stay out of the trackers for now and see how they behave. RWR