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Gold/Mining/Energy : Arcon Energy (MIDL Presently) The Ultimate Sleeper -- Ignore unavailable to you. Want to Upgrade?

To: Ga Bard who wrote (635)	5/26/1998 2:16:00 AM
From: FARRIS	Read Replies (2) \| Respond to of 4142

This is obviously not directed at Gary... in fact he and I have had discussions along this line... I do not buy that the "W" and the "P" will drive the common. That is BS. These classes of stock are BASED on the common. (I should also preface by saying that I have about 4x "P" to common and a much smaller "W" holding) Typically, warrants trade at a small PREMIUM to the common taking the conversion price into account. The "P" in this case should trade at a SLIGHT discount to the common based on the restrictions involved. (Not taking into account the dividend, of course.) As the common increases, the inherent value of the "P" and the "W" increases. If everyone was putting all of their money into the common stock at this time instead of the "P" and the "W", the "P" and the "W" would probably be worth one hell of a lot more money. The problem at this time is our base of investors is still quite small (changing rapidly) so we all buy based on our overall strategy. I am in for the very long haul so I spend most of my money on the "P" and some on the common with a little taste of the "W". A short term investor should be eating up the "W" and perhaps the common. People who are new to investing and this stock will probably start buying up the common as I did many months ago. I found it interesting that the newsletter suggested the common over the other two classes of stock -- wise from what I can see. The common is the steady piece of the equation. The "P" moves violently when the common moves up or down slightly as witnessed on Friday. The "W" does the same. So, my point is, with the "P" fairly well locked up and the "W" playing the "wildcard" in many ways, I think the wise people who have been in this stock for quite some time should start concentrating their efforts and fresh money on the common stock -- it will drive the other two faster than simply buying up the other two. IMO, (this ignores manipulation to some degree -- I would choose to assume that everyone is playing the game fairly straight.) Eric