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To: Tommaso who wrote (7443)	10/2/1998 10:42:00 AM
From: yard_man	Read Replies (3) \| Respond to of 86076

>>"leverage" usually implies borrowed money<< Not necessarily.

To: Tommaso who wrote (7443)	10/2/1998 11:18:00 AM
From: Joseph G.	Respond to of 86076

T, see next

To: Tommaso who wrote (7443)	10/2/1998 11:21:00 AM
From: Joseph G.	Read Replies (1) \| Respond to of 86076

T, << I think you are comparing assets with inflows/outflows. Naturally, assets decline when the market declines.>> I've been out of the second grade very long time ago ... <<And "leverage" usually implies borrowed money. An option is a pure gamble, but doesn't involved borrowed money.>> Leverage implies large swings, margin borrowing is one way to achieve that effect. Look up LEVER. Options are pure gamble exactly to the degree everything else is a pure gamble - gamble is in person of gambler, not the instrument ...