Don

A good "cool it thought"; exerpt from attached:

"November 15th is the last day for year end hedge fund redemptions"

Peter

From :Frank Mersch (October 30th, 2009)

The Perfect Storm
-we had a perfect storm and the boat almost capsized on us

3 Parts to the Perfect Storm:

1) Lehman Brother's bankruptcy
-this has not received enough attention, and not many people are aware of
the extent the problems that this bankruptcy created
-numerous hedge funds that used Lehman Brothers as their prime broker have
imploded, as assets have been seized + sold or frozen

2) Credit Crisis + Financial Crisis

3) Tax Loss-Selling

Where are we now?
-all of these have fed off one another, and that's why we are where we are
today
-everything has been oversold
-could have a very violent bounce on the upside
-November 15th is the last day for year end hedge fund redemptions
-the bulk of redemptions will be done by this date
-de-leveraging is 75-80% done