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To: patron_anejo_por_favor who wrote (119606)	9/5/2001 12:31:53 PM
From: ild	Read Replies (1) \| Respond to of 436258

Patron, What do you think about tax selling season? ContraryInvestor.com thinks we'll have a cruel one. Their points: Funds sold a lot of tech after their tax deadline in 2000 and booked a lot of gains. Tax efficient and index funds are ticking bombs. We're betting that the tax loss selling season this year will be as wild and fast as a lot of what we experienced last year. Given recent market action, it sure appears to have already begun. And, despite many long term gains in tech possibly already having been realized, there are probably current losses still available to be taken from this group. A JDSU at $6 and change. A Nortel in single digits. The list goes on and on. As crazy and heretical as this may sound, this may be the exact spot where opportunities appear this year. We'll do a follow up to this discussion somewhere in the next few months that tries to identify specific opportunities based on a specific set of criteria. We expect tax related portfolio reconciliation for the funds to begin in earnest during the next few weeks. Just how many funds wait until Oct. 31 to offset gains? Not many. They'll do this well in advance

To: patron_anejo_por_favor who wrote (119606)	9/5/2001 12:32:40 PM
From: ild	Read Replies (1) \| Respond to of 436258

Patron, What do you think about tax selling season? ContraryInvestor.com thinks we'll have a cruel one. Their points: Funds sold a lot of tech after their tax deadline in 2000 and booked a lot of gains. Tax efficient and index funds are ticking bombs. We're betting that the tax loss selling season this year will be as wild and fast as a lot of what we experienced last year. Given recent market action, it sure appears to have already begun. And, despite many long term gains in tech possibly already having been realized, there are probably current losses still available to be taken from this group. A JDSU at $6 and change. A Nortel in single digits. The list goes on and on. As crazy and heretical as this may sound, this may be the exact spot where opportunities appear this year. We'll do a follow up to this discussion somewhere in the next few months that tries to identify specific opportunities based on a specific set of criteria. We expect tax related portfolio reconciliation for the funds to begin in earnest during the next few weeks. Just how many funds wait until Oct. 31 to offset gains? Not many. They'll do this well in advance contraryinvestor.com (subscription required)