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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: jim_p who wrote (6329)	1/29/2002 4:36:39 PM
From: GREENLAW4-7	Read Replies (2) \| Respond to of 206110

Jim, any thoughts on the current STRENGTH of BUILDERS even in light of a 6 day run, drop in DOW as well as Fed Stopping interest rates? These stocks just will not stop going up! I have anted to add more shorts but just cannot believe even today they stayed STRONG? Did add to DHI at 37.35..

To: jim_p who wrote (6329)	1/29/2002 5:02:29 PM
From: Big Dog	Read Replies (1) \| Respond to of 206110

Hell Jim, that's what a lot of these hot-shots strive for...they aren't interested in long-term profits (or deals that generate those types of profits), they are only interested in doing the double-lock as you describe, and accelerating years worth of profits into THIS year for reporting...because it is THIS year that will be the basis of their bonus for next year. Follow the money... big

To: jim_p who wrote (6329)	1/29/2002 6:17:36 PM
From: Winkman777	Read Replies (1) \| Respond to of 206110

<<"mark to market" really means today.>> Jim, I listened to the MIR cc yesterday, where they attempted to further explain their accounting. If I heard correctly, they take the mark to market gain/loss as an asset/liability until the settlement date of the hedge, when the actual profit/loss is realized. Mark to market has been abused by Sunbeam, etc. From MIR's 10-q, pg. 8: Effective January 1, 2001, Mirant adopted SFAS No. 133, "Accounting for Derivative Instruments and Hedging Activities," which establishes accounting and reporting standards for derivative instruments and hedging activities. The statement requires that certain derivative instruments be recorded in the balance sheet as either assets or liabilities measured at fair value, and that changes in the fair value be recognized currently in earnings, unless specific hedge accounting criteria are met. If the derivative is designated as a fair value hedge, the changes in the fair value of the derivative and of the hedged item attributable to the hedged risk are recognized currently in earnings. If the derivative is designated as a cash flow hedge, the changes in the fair value of the derivative are recorded in OCI and the gains and losses related to these derivatives are recognized in earnings in the same period as the settlement of the underlying hedged transaction. If the derivative is designated as a net investment hedge, the changes in the fair value of the derivative are also recorded in OCI. Any ineffectiveness relating to these hedges is recognized currently in earnings. The assets and liabilities related to derivative instruments for which hedge accounting criteria is met are reflected as derivative hedging instruments in the accompanying unaudited condensed consolidated balance sheet at September 30, 2001. From CPN's last 10-Q: Therefore, in accordance with Staff Accounting Bulletin No. 101 and the Emerging Issues Task Force ("EITF") Issue No. 99-19, CES recognizes revenue on a gross basis, except in the case of financial swap transactions, in which case the net gain or loss from the hedging instrument is recorded in income against the underlying hedged item when the effects of the hedged item are recognized. Hedged items typically include sales to third parties of natural gas produced, purchases of natural gas to fuel power plants, and sales of generated electricity. Having taken only 2 semesters of accounting, I may be misunderstanding something. Good luck to all including me. (;<)). Winkman