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To: TREND1 who wrote (43949)	3/17/1999 2:48:00 PM
From: A. A. LaFountain III	Read Replies (1) \| Respond to of 53903

Re Making money in options I have not met such a person, although if one did exist, I'm sure a book would have been written! Interesting note along these lines - about 15 years ago, I was on the Investment Committee of my boarding school (Westtown School in Westtown, PA). The head of the committee then (and, I believe, now) was S. Francis Nicholson. Francis was the class of '17, so do the math to get an idea of his experience. In fact, when he was at the trust department of the Provident Bank in Philadelphia (like Westtown, a Quaker institution), Francis did the original research that became the underpinning for what became known as value investing. I can vividly recall his description of options at one committee meeting as "instruments of the devil." He was not attempting to be funny! My own limited experience with options is that they are animate objects with an uncanny knack for manipulating the calendar and causing ripples in an otherwise linear space/time continuum. Anyone who has had an investment thesis come true the week after expiration knows exactly of what I speak. - Tad LaFountain

To: TREND1 who wrote (43949)	3/17/1999 4:21:00 PM
From: Zeev Hed	Read Replies (1) \| Respond to of 53903

Larry, of course you can make very good money with options, year in year out. I write quite often covered calls against existing core positions when I think the market is a little cookoo (like right now) and only about 1 out of four I get the stock called away. Most of the time, I can jump back in with at most the loss of the premium on the calls, the rest of the time, the options expire worthless. It is an excellent way to get another 15 to 25% on those shares (much more than the dividend (G). Zeev