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Non-Tech : Derivatives: Darth Vader's Revenge -- Ignore unavailable to you. Want to Upgrade?

To: Enigma who wrote (290)	10/2/1998 10:22:00 AM
From: Worswick	Read Replies (2) \| Respond to of 2794

I just have to take you back to the beginning of this last month. Here we go, the time machine...get in. Ready? "...losses of this magnitude are a shock to us as they are surely are to you," Meriwether said in a letter sent out Wednesday to his investors. "The losses arising from the event-driven major increase in volatility and the flight to liquidity were magnified by the time of the year when markets were seasonally thin." According to the letter, the fund (LTC) is down 44 percent for August and 52 percent for the year. Meriwether assured investors that the fund "is quite liquid" and is taking steps to reduce its risk". Hmmmm. When I was buying mining stocks many years ago I learnt the lesson of buying Canadian versus US mining stocks. In the US there was a liar standing next to a hole in the ground: in Canada there wasn't even yet a hole in the ground.... just a liar. It seems to me that collateral... to bankers who are competing viciously for business... becomes like the, above, hole in the ground. It may or may not exist. But there sure are a lot of liars around. No shortage here. ...at that, as we sink, you have only to go back and survey the collateral received by many of the savings and loans.. to wonder if we aren't really dealing with fools not liars. My best to you, Clark