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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: Knighty Tin who wrote (254973)	8/11/2003 11:44:34 AM
From: Tommaso	Read Replies (2) \| Respond to of 436258

Maybe someone has mentioned James Grant's good analysis of Juno in a recent Forbes. He pointed out that with the expense of paying the coupon on shorted bonds, minus the income from the short position, plus the fund expenses, one has to pay something over 4% to hold that position. That's less than many standard front-end loads for mutual funds, but it does mean that there is steady erosion in a long term Juno position, although it might be that if shorter term rates rise enough, the income from the cash realized on the shorts would overtake the loss on the coupon payments. Grant did not mention this last possibility. In that case, a large short position on 30-year bonds paying about 5% coupon, might start to realize a positive return, in addition to the capital gain on the shorted bond. In effect, owning Juno would be borrowing long and lending short. Jeez, this may be a better thing than I realized. If only the stock market would tank a la 1987, I could switch my BEARX for Juno. Have a lot of Juno already, but talking my way through it in this message makes me see why you said it might be golden for a long time.

To: Knighty Tin who wrote (254973)	8/11/2003 11:55:29 AM
From: stockman_scott	Read Replies (1) \| Respond to of 436258

If only we had a president like General Wesley Clark... tallahassee.com <<...He's whip-smart, silver-haired handsome, articulate and a retired general. He sounds like an Arkansas good-ol'-boy, but was first in his West Point class and a Rhodes scholar at Oxford University. He saw combat in Vietnam, commanded NATO forces and fared well toe-to-toe with Tim Russert of NBC's "Meet the Press," perhaps the ultimate test of candidate battle-worthiness. He is potential presidential candidate Wesley Clark, the one Democrat who might strike fear in Republican hearts - if only he'd run...>>