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To: badon518 who wrote (2697)	12/13/1999 8:07:00 PM
From: TobagoJack	Respond to of 6020

I have done two things (1) hold what CHL I have and (2) selling June 2000 CHL puts (Strike Price 85) at US$ 12+ per share equivalent. On conventional valuation basis (Black & Scholes formulae) the options should be about US$ 2-3/share equivalent. Selling the put gives the put buyer the right to sell me a bunch of CHL at US$ 85, representing 15-21% discount to current market price, and the put premium of US$ 12 gives me another 12-15% effective discount. I do not generally chase stocks (trains pulling out of station) as there is always another train and another station.