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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Tommaso who wrote (94766)	3/1/2002 5:44:23 PM
From: Joan Osland Graffius	Read Replies (1) \| Respond to of 132070

Tommaso, I have some leap puts on FRE - have been collecting them for a while. Added the last batch in the late December and early January. So far so good on USU, backed up the truck in the $5.90's. Now these boys need to close this deal and get to work. <g> I need to watch your TLM, looks like the market likes this stock. Sure like the 9% yield on the preferred. They are adding a lot of debt, but maybe now is the time to invest in exploration when prices are low. Got lucky and dumped my IBM puts earlier this week. Maybe these guys will give us a chance to reload on this one. I think it was the largest % gainer in the DOW today. I do have one problem child at the moment - EOT. <g> Take care and have a good weekend. Joan

To: Tommaso who wrote (94766)	3/1/2002 7:35:50 PM
From: Telemarker	Read Replies (1) \| Respond to of 132070

Hi Tommaso. Regarding Wulff, I have reviewed his piece on KMP and judge it to be flawed. His assertion that KMP distributes amounts greater than it's cash flow is arrived at by beginning with diluted EPS, and thus lands up assuming distributions on unissued units. Further, the table which he produces at the bottom of his opinion clearly shows cash flow in excess of distributions. I don't know if your modest gambler's set would warrant a listen to the CC of yesterday, but it explains alot. Goldman Sacs also released something on KMP after the CC which I think sums up my views - but the subject is a client of GS. Maybe you've followed McDep closer than I have, but I think that investing by his research would have made one considerably poorer over the past 2 years. I see other sloppy work - check out the difference between his EPN earnings estimates and that of the partnership that was released the very same day as Wulff's "opinion" on EPN. I view his number-crunching as an exercise in futility. I was a strong buyer of KMP during yesterday's panic and also a buyer of other energy MLPs which sold off in sympathy. Buying dips in the MLPs has been quite profitable for me this year, I'd be dumb not to keep it working until it stops working. All FWIW. Cheers!