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To: At_The_Ask who wrote (144328)	1/17/2002 10:26:52 AM
From: Tommaso	Respond to of 436258

Well, with values where they were, my "buying" consisted (in September and early October) of taking profits on my puts on the Dow as the averages declined. I have subsequently reestablished the entire position, but it won't be showing a profit again until the Dow is down by about another hundred points or so. I certainly do like those LEAP puts (symbol ZDXXJ). in place of a time premium that you have to pay, you can still actually buy them at a discount to their ultimate theoretical value (because they can't be exercised until expiration). As the due date approaches (December 2003) they ought to behave more like ordinary options and develop a time-value as well as intrinsic value.