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To: patron_anejo_por_favor who wrote (120050)	9/7/2001 4:25:49 PM
From: Tommaso	Respond to of 436258

It sounds really good to me. The way the Fed is spraying the money around, we can have a market crash without a major depression and people would do without a lot of things (such as Perrier) before giving up oil. My own best bear market idea is, I hope, LEAP puts on the Dow of which I sold some today. No one but me seems to notice that because they are European style and can't be exercised at will, they have got a built-in discount and will be profitable even if the Dow stays flat. As the approach expiration, they should behave more like ordinary puts. But as I posted earlier, the Dow has been so far down so fast in the last three weeks that I thought I would hedge my hedge a little.

To: patron_anejo_por_favor who wrote (120050)	9/7/2001 4:27:59 PM
From: yard_man	Read Replies (1) \| Respond to of 436258

i keep thinking this one is gonna be good if we get a liquidity event ... nice action on the end here quote.yahoo.com

To: patron_anejo_por_favor who wrote (120050)	9/7/2001 4:46:47 PM
From: yard_man	Respond to of 436258

biz.yahoo.com

To: patron_anejo_por_favor who wrote (120050)	9/7/2001 5:33:52 PM
From: yard_man	Read Replies (1) \| Respond to of 436258

does it pay quarterly or annually?

To: patron_anejo_por_favor who wrote (120050)	9/7/2001 5:33:52 PM
From: yard_man	Respond to of 436258

does it pay quarterly or annually?

To: patron_anejo_por_favor who wrote (120050)	9/7/2001 5:33:52 PM
From: yard_man	Respond to of 436258

does it pay quarterly or annually?

To: patron_anejo_por_favor who wrote (120050)	9/8/2001 10:47:23 AM
From: Tommaso	Read Replies (2) \| Respond to of 436258

I have been studying the VLCCF annual report. I must say they are certainly up-front about all the possible risks and hazards to investment in the company. To me, it looks like the biggest risk might be a deep world-wide recession extending into 2004, when the tankers come up for releasing. I don't know anything about tankers, but when they start discussing the scrapping of older single-hulled tankers, it sounds as if they have a life of well over 20 years, so the ones that VLCCF owns wouldn't be headed for the scrap yard until at least 2020. That assumes there is still oil to be carried. But even with a drop in world oil consumption, the ships would have a good deal of residual value and probably would be released in 2004. I think that's the speculative part that accounts for the low price of the stock relative to its dividend. Another problem is that owning the stock introduces another level of complexity to personal tax planning. One could, of course, get around that by putting it in an IRA but in that case you can't deduct losses on the stock against current income taxes and you miss other tax advantages. But to buy this stock is to be much more truly an investor, where the investor assumes risk in hopes of higher return but with the definite possibility of loss. You really are part of an ongoing enterprise and the profits flow right through, when there are profits. How long have you owned this?