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To: Mark Peterson CPA who wrote (15575)	1/7/2000 12:14:00 PM
From: kcmike	Respond to of 19700

Thanks Mark for all of your insight, once again. I have the options book you mentioned, but have only yet begun. I have had trouble stomaching the cost of put options at this volatility, but have done pretty well with covered calls, and rolling them up when necessary. I often lose maybe 40% of the upside, with a significant hedge against the downside. Thanks again! Mike

To: Mark Peterson CPA who wrote (15575)	1/7/2000 9:37:00 PM
From: Guy E. Fleming	Respond to of 19700

Mark: When I first bought options I'd go out three to six months at most and often, good things would happen with the stock ... but after the expiration date! That's how I drifted into LEAPS (and sleep better). It's tough enough being right about the company but adding a time variable as well can really make it extremely difficult. I'm willing to pay the added premium for the extra time, provided it's within reason. The examples I mentioned (CBS, AT&T, Oracle, currently Disney) have worked out well as their volatility factors and corresponding premiums weren't too bad. If it works, don't fix it! Guy