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Technology Stocks : Apple Inc. -- Ignore unavailable to you. Want to Upgrade?

To: Eric Yang who wrote (9472)	3/14/1998 5:48:00 PM
From: Phillip C. Lee	Respond to of 213176

Eric, What you are talking about here is hedging method, not optimizing the gain. Even Apple won't play the hedge on currency exchage, I doubt bonds money managers would do that. The hedging is another kind of locking in profits. One will win but the other side will lose. Besides, I am not familiarize with the rules/regulations bonds money managers have to follow and don't check the details of bond/stock conversion. From previous post, Vadim Zlotnikov of Sanford C. Bernstein in New York has probably factored in the bond "effect". Based on his estimate of 36m net, equivalent to $0.25/share, the outstanding shares are 144m, which a lot more than current outstanding shares. Phil