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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Ilaine who wrote (58430)	5/4/1999 8:18:00 AM
From: Tommaso	Respond to of 132070

Thank you very much for answering my question; I really didn't mean to send you off looking things up for me. My original plan in holding LEAPS for 2001 was to get long-term capital gains. So far my experience has been that the fluctuations are so extreme that saving 8% or so on taxes, when the puts often move more than that in a day or even an hour, leads me to want to take profits when they are up and look for some stock even more vulnerable to downside. And even for an expiration in 2001, the things are wasting assets, unlike what stocks are over the long run. Maybe some of my AMZN puts will get so deep in the money that I will let them run for a year--and maybe they won't. I feel odd being in such a game, since I am not a gambler by nature. Just a social gambler--a rare low-stakes poker game, a $2 bet once a year of the Derby, a lottery ticket every ten years, once played a dime slot machine in a gas station, etc. But this market is so insane that an insane "investment" strategy is the only one that makes sense to me right now, other than simply holding cash, which I finally got tired of doing. But so far I am doing OK. The Dow broke 11,000 yesterday--but my PUT portfolio was up 7% for the day, a lot higher percentage, helped out by drops in EBAY, SCH, YHOO, and especially AMZN.