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To: Chuzzlewit who wrote (90981)	1/27/1999 3:20:00 PM
From: Terrence Von Holidae	Respond to of 176387

The quantity of option exercise is also a function of the perception to the intrinsic value inherent in the instrument exercised. Should I believe the value of my claim upon a company's assets to be under- appreciated at the moment exercise becomes available, and no urgency compels exercise, then it is more prudent to postpone exercise. The converse also applies. There will be moments when human nature appears to be at odds with itself; I grant you, we are in that moment now.