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Pastimes : The Naked Truth - Big Kahuna a Myth -- Ignore unavailable to you. Want to Upgrade?

To: Joseph G. who wrote (7409)	10/2/1998 10:24:00 AM
From: Tommaso	Read Replies (3) \| Respond to of 86076

Joe, I think you are comparing assets with inflows/outflows. Naturally, assets decline when the market declines. You may be correct about AMG "disservice" but there doesn't seem to be anything else that tries to estimate weekly flows, and Barron's thinks enough of them to quote them. As to BEARX, only a small part of their portfolio is options; mostly it's shorts and T-bills to cover short positions. And "leverage" usually implies borrowed money. An option is a pure gamble, but doesn't involved borrowed money. In any event, the bulk of the BEARX gain had to be from fortunate (or smart) short positions. Usually it's not that far out of line with the indexes (in reverse); but yesterday it was double and triple the index losses. Just one very good day.