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Strategies & Market Trends : Z PORTFOLIO -- Ignore unavailable to you. Want to Upgrade?

To: aniela who wrote (11226)	1/4/2004 1:09:08 PM
From: DanZ	Respond to of 11568

Portfolio Update - 2003 Final. members.aol.com Congratulations to everyone who contributed to our excellent results last year. I hope that you did well in 2003, and that 2004 will be even better. I will post a summary of last year's trades as soon as I can.

To: aniela who wrote (11226)	1/4/2004 7:55:46 PM
From: DanZ	Read Replies (1) \| Respond to of 11568

Portfolio Update. As we have done the last couple of years, I marked the positions that we carried over from last year to the closing prices on 12/31/03. This is done to close the 2003 books and set up the accounting properly for this year. In a nutshell, the gain or loss to 12/31/03 on positions carried over was included in the 2003 results, and any gain or loss from 1/1/04 to when the positions are closed will be included in this year's results (unless they are carried over to 2005). I added a new column to the table to show the original cost of our carry over positions for those who are interested. I can delete this column if all the carry over positions are closed later in the year. Please let me know if you see any errors. Open positions: members.aol.com Closed positions 1/2/04: members.aol.com