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To: robert b furman who wrote (178965)	8/10/2004 2:11:11 AM
From: BelowTheCrowd	Read Replies (4) \| Respond to of 186894

Oh yes, the Hunts. Forgot about that one, but then again I've never been much of a commodity guy. Again, it worked great until the assumptions failed. Then it blew up. While we're on the subject of massive Texan implosions, much the same was true of Enron. Their one core assumption leading to the final blowup was that a Bush white house would never ever come to the aid of California by imposing any form of controls on electricity prices. EVERYTHING hinged on that core assumption that was taken to be practically religon -- not even worth thinking about, let alone worrying. Then the Bush white house reversed itself and decided to intervene in order to "stablize the market." And Enron, along with the entire "energy trading" business was toast. Just one key assumption lost...