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To: Joseph G. who wrote (7476)	10/2/1998 8:22:00 PM
From: Tommaso	Read Replies (1) \| Respond to of 86076

BEARX went up today though indexes on which it had put options were all up. What this means is that the short positions much outweighed the option positions and that(for the time being at least--we never want to be too cocky about these things) the short positions are well chosen. The fund has gone up 9% in the last two days. There is so much turnover that one never knows exactly what is being shorted until each semiannual report comes out. But at least it seems to be working as planned (again: caveat: for the time being).