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To: mishedlo who wrote (169165)	5/30/2002 7:27:50 PM
From: Win-Lose-Draw	Read Replies (1) \| Respond to of 436258

remain convinced that the option sellers seldom if ever lose LTCM, Dell, any number of tech companies and any number of gold producers would seem to be the most obvious counter-examples. IMO option writers are no better at this game than option traders.

To: mishedlo who wrote (169165)	5/31/2002 1:54:42 PM
From: Tommaso	Read Replies (1) \| Respond to of 436258

I was thinking specifically of certain LEAP put contracts. Take, for example, PVN, which sank from about 60 to 2 over a few months last year. When it was 60, the premium for a strike 20 put might well have been about 25 cents. Anyone who put $10,000 into those would have realized over half a million dollars. This is a hypothetical but entirely possible example. I made a lot of money putting PVN and others, but nothing like that, because I could not believe they would fall so far so fast. If you and other people want to believe that my gains were not someone else's losses, it's OK with me.