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To: Jeff Vayda who wrote (15448)	9/24/1998 10:02:00 AM
From: lazarre	Read Replies (1) \| Respond to of 152472

FYI, Telecomm. Fund manager will be appearing on CNBC's Squawk Box Friday morning. Should be interesting..... L

To: Jeff Vayda who wrote (15448)	9/24/1998 10:04:00 AM
From: Jon Koplik	Read Replies (1) \| Respond to of 152472

Jeff - they were clearly using what I call "advanced techniques." (Would you pay someone 15% or 20% of profits if all they did was either go long or short the long bond?) They apparently got killed on "credit spreads" going the wrong way (for them, at least). And, mortgage related securities start doing weird things with large changes in the overall level of interest rates. Here, again, is the link for Bridge News (bond market stuff). Read it for a while, and then you can try to open up your own fund with a $90 billion bond portfolio. news.bridge.com Jon.