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To: At_The_Ask who wrote (255122)	8/11/2003 8:50:16 PM
From: Tommaso	Read Replies (1) \| Respond to of 436258

Yes, it's probably good I did not get filled. I do not like to own options unless the simple arithmetic favors me. Few people can now believe this but a couple of years ago put options on the Dow Jones were selling at NEGATIVE premium--that is, below fair value if held to maturity. I would try to point this out and most people would misunderstand and start correcting me about the "time value" when in fact the time value FAVORED the holder of the option. I made several thousand dollars just on that absurd 5% undervaulation. But you have to bet in effect that 30-year treasuries will rise to 8.5% in a year in order to hold the 6.5% call on the interest rate. I think interest rates are going up, but a rise from 5% to 8.5% is too much to be a reasonable speculation. It may well happen, but there are other things that are a better bet IMHO