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To: pezz who wrote (41212)	11/10/2003 7:06:48 PM
From: TobagoJack	Read Replies (2) \| Respond to of 74559

Pezz, <<ugly day>> ... the day looks OK, not great, not too ugly. Looks like: I sold my PAL uk.finance.yahoo.com two days too early; though I am glad I do not own any Provident Energy uk.finance.yahoo.com; and that I no longer have BlueFly uk.finance.yahoo.com. Euro went down, AUD/CAD went up, gold stayed even, and NEM didn't do any dramatics. ... and yet, however, the day, some how, in some sense, did not feel right. Chugs, Jay

To: pezz who wrote (41212)	11/10/2003 11:37:54 PM
From: TobagoJack	Read Replies (1) \| Respond to of 74559

Hello Pezz, Today’s Report: I sold 7 dollops out of my 9 dollops (or 3 tranches) of PICC Property & Casualty, at a price of HKD 5.525/shr, which is exactly my average cost Message 19471048 <<November 5th, 2003>>. I leave two dollops of PICC P&C in the LTBH portfolio. This is not satisfying at all. I mean, first I missed the IPO subscription deadline, managed to buy at the initial trading day’s low, had too good a time in the course of the day, forgot to sell at the initial trading day’s high, and now this ignominious withdraw from the majority of the captured territory, getting ready for the rocket-propelled grenade attacks and the missile wake-up call at the hotel. I decamped the PICC position because I am sure the thousand of IPO subscribers who got their shares at HKD 1.80/shr are antsy to sell, so as to free up capital and be able to pay for the subscription of the next wager - PICC China Life. The HK IPO subscription process requires one to pay for the entire amount subscribed for, get pro-rata allocation of shares (often at less than 1/10 of subscribed for amount), get a refund in cash for the amount not called. This game is a capital intensive game, and generally weakens the rest of the equity market. The bright side?! There is always a bright side. I learned not to miss IPO subscription deadline. I freed up capital to participate in the upcoming PICC China Life IPO (December). I didn’t lose money on the trade except for commissions, and the HKD that I got by selling CAD did not go down in CAD terms. But, in the totality of the analysis, not satisfying at all, but more acceptable than getting struck by a serious drubbing in the equity sea. Chugs, Jay

To: pezz who wrote (41212)	11/11/2003 12:55:19 AM
From: TobagoJack	Respond to of 74559

Hi Pezz, The Afternoon Report: I shamelessly, without regret, moved a whole lot of HKD to AUD space, because I am afraid of USD, and worry that vapor cannot hold up USD and many assets denominated in USD. For the China Life IPO subscription, I may just draw down HKD line-of-credit for the 10 days of anxious wait time between submittal of subscription application and allotment of shares. The Asian markets, very much tied to US economic health, is not acting right, as in not in accordance with the official script of sustainable economic growth and dependable employment increase. Very troubling. You may want to hang on to your NEM calls for a while longer :0) But since I advise so, that means you should probably sell off your NEM calls and buy Puts ;0) Chugs, Jay