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To: Paul Merriwether who wrote (21659)	11/16/1997 12:25:00 PM
From: Jorge	Read Replies (1) \| Respond to of 176387

Paul, it appears you may be sitting in front of your computer at this time. What do you think in regards to the question I posted to Hank a few minutes ago?......thanks, George

To: Paul Merriwether who wrote (21659)	11/16/1997 6:35:00 PM
From: Chuzzlewit	Read Replies (1) \| Respond to of 176387

Paul, you are certainly correct in noting that as a person gets older he should seek out less risky investments, but that is quite a bit different from your original contention that one should not invest in risky investments in a retirement account. All equities are inherently risky, but proper diversification eliminates or mitigates business risk leaving only market risk. For younger people, or people with a substantial net worth it may be entirely appropriate to invest in high beta issues. You cannot hedge investment accounts (IRA's and Keough's etc.) because they are cash accounts (i.e., no margin allowed which precludes short-selling -- although you can sell covered calls and buy covered puts). Finally, the comments about my portfolio were not intended as proof of anything -- merely an illustration of what I do. Paul