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To: Poet who wrote (3121)	2/17/2000 1:05:00 PM
From: edamo	Respond to of 8096

poet...glad the exterminators aren't poking you with a screw driver.... you got the gist....idea is that the part of the transaction (put sale)that funded the long(call buy)will expire worthless...normally done with same strike/expiration and equal amount of contracts on both sides. you are introducing a ratio, which increases risk, either way very bullish, and in the case of lu, unless something fundamentally changes with the company, the perception by year end should make the position look excellent!