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To: koan who wrote (19018)	8/23/2006 11:12:50 PM
From: tyc:>	Read Replies (2) \| Respond to of 78413

I agree with you that the K warrants are attractive even though they expire next year. However, I don't agree that warrants "control" stock ! Leverage usually means how much the warrant will rise relevant to a rise in the stock. It's all written up on the internet. Just check there. Thanks for the suggestion re K warrants. I'll probably buy some tomorrow. They have attractive leverage ! (but not 4:1 !). Maybe it's all semantics !

To: koan who wrote (19018)	8/24/2006 7:19:31 AM
From: SwampDogg	Read Replies (1) \| Respond to of 78413

It is the only question that matters. I will use those CBJ.D warrants as an example. As per your view of leverage they currently have leverage of about 45:1 but because they are going to expire in a couple of months an investor's leverage to the daily price of the stock is virtually nil. Your notion of leverage is simplistic as it is missing the variable of delta. One can go out and buy a short dated option out of the money for a penny and gain infinite leverage as you see it. It is still throwing money down a well.

To: koan who wrote (19018)	8/24/2006 10:45:46 AM
From: LLCF	Read Replies (1) \| Respond to of 78413

<tyke: if one can control $15,000 worth of stock for $3,000 that is 5 to 1 leverage. Period. How that plays out in actual gains depending on where the stock goes in relation to the strike price and expiration date is an entirely different question.> Great... I'll let you control $100K worth of stock for $3000! Want that? <expiration date is an entirely different question> There's the rub... my warrants expire tomorrow... still want 'em? Clearly the expiration date is NOT an entirely different question. You can always get great leverage as expiry nears... so? Point is, you can't look at leverage as a stand alone issue.... EVER. DAK