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To: Bonnie Bear who wrote (10646)	12/9/1997 9:39:00 PM
From: Joan Osland Graffius	Read Replies (2) \| Respond to of 18056

Hi Bonnie, Re: books value of an index. How are you? I am not disagreeing with your thoughts..but one point. Back in the old days 1982 we did not have very many software companies or was software considered to have value, i.e. computer companies were giving away their software. Now that Mr. Gates has been successful teaching the world that software has value but his company does not have book value relative to Intel for example, and IMO this does distort index evaluations when it comes to book value average comparisons between 1982 and 1997. I think you point is well taken as far as evaluation, but one thing to consider is interest rates in 1982 and 1997. The market can carry a higher evaluation with lower interest rates. Each investor must decide how much is he/she willing to pay for an asset based on evaluation. Have a good evening, Joan

To: Bonnie Bear who wrote (10646)	12/9/1997 11:04:00 PM
From: Simon	Respond to of 18056

<<<Message from Bonnie Bear on Dec 9 1997 9:14PM EST>>> Geriamiah,Your gonna have to help me with that one. Way beyond my comprehension. I just looked at Anchor Gaming (slot) chart and saw crash and burn baby. Shorted the sucker and paid for a week in London round trip on the Concord. As for WLA, really got healthy on that sucker. But as they say, even a blind squirrel finds an acorn once in while.

To: Bonnie Bear who wrote (10646)	12/10/1997 2:46:00 AM
From: S. maltophilia	Read Replies (1) \| Respond to of 18056

<<Boston chicken bottomed at half its book value, if someone bought the chain the stock price would double>> From the recent BEARX annual report: sec.gov PUT OPTIONS PURCHASED - 2.4%* ..... 300 Boston Chicken, Inc. Expiration November 1997, Exercise Price $15.00 ...... 43,125 SCHEDULE OF CALL OPTIONS WRITTEN SEPTEMBER 30, 1997 CONTRACTS (100 SHARES PER CONTRACT) VALUE - ----------------------------------- ---------- 300 Boston Chicken, Inc. Expiration November 1997, Exercise Price $15.00 ..... Of course, this is two months old now, and I don't know if Tice still is a bear on chicken. Boston Chicken's accounting has always been somewhat suspect, so perhaps even at these low prices it's not a real discount to book. FWIW