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To: Ibexx who wrote (71242)	10/10/1998 3:53:00 PM
From: Mohan Marette	Read Replies (2) \| Respond to of 176387

I take these reports with a grain of salt since these guys are unregulated and nobody seems to know what the hell they are doing.The problem is they can run amok as they please and create havoc in the market in the process.I don't mind, in the least,if the partners lost big money while playing the 'game' ('cos they got lots of it and afford to lose) but I have a problem when it affects the 'little guys'.I also hate government regulations but in this case I wish somebody put a leash on these guys as it is not just affecting them but other 'innocent' bystanders then again may be not 'cos this way we all get a chance to pick up some quality stocks on the cheap once in a while at their expense.<g>

To: Ibexx who wrote (71242)	10/10/1998 4:00:00 PM
From: LWolf	Read Replies (1) \| Respond to of 176387

On the other hand....... "Will Leverage Cause the Financial World to Blow Up?" Worth reading and considering - pei-intl.com [Got this off the 'Tech Stock Options' thread Reply # 55165] Wondering if this is what Lucretius Taurus may have been referring to. LW

To: Ibexx who wrote (71242)	10/10/1998 5:40:00 PM
From: nihil	Read Replies (4) \| Respond to of 176387

Ibexx, my sources are probably not as plugged in as yours, but I heard that LTCM was a U.S. limited partnership which creates fiduciary duties between the managing (unlimited) partner (often a corporation) and the limited partners, the details of which are prescribed by the partnership agreement. Other hedge funds differ, some being overseas corporations (esp. Netherlands Antilles) and have no reporting responsibilities to the IRS or SEC. Sometimes, American investors invest in these through their personal overseas trusts. The limited partnership is limited, I think, to 59 partners. All the limited investment partnerships I have ever been in provided daily statements of net asset value per unit or partner, and I certainly wouldn't invest in one that didn't. I am not nearly as smart or rich as LTCM (minimum $10 million investment) partners so I doubt if they do not get daily NAV reports. But these, unlike mutual fund reports, are not generally available to the public, or they would be splattered daily in the press. My guess is the -3% was probably right, although there are no doubt many positions for which the net asset value is quite hazy.