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To: bill meehan who wrote (75185)	11/13/1999 12:04:00 AM
From: Cynic 2005	Read Replies (1) \| Respond to of 86076

Tice tossed the towel - or so it seems! <<Recognizing this extraordinary environment, we have worked diligently to manage risk. We are in the midst of an historic market dislocation, one dominated by a massive short squeeze. Although we saw this outcome as unlikely, we nonetheless structured the portfolio in a way that allowed us to move aggressively to reduce exposure to such a development. At the same time, we are compelled to maintain exposure to profit from a market downturn that could come at any time. Although it is impossible to know when this historic meltup will end, there is no doubt whatsoever that prices for so many stocks are today at unsustainable multiples of underlying value. The environment is exceptionally difficult and frustrating but we are going to get through this and will profit greatly going forward. >> prudentbear.com