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Zeev Hed

09/24/03 7:40 PM

#154813 RE: basserdan #154767

Dan, that PM hedge I suggested a little while back (about two months ago) is already stating to work, Pt is up only 3.4% but Pd is up 32%, the Rh side is still more or less even at up 2.3%. I think it should be left in place, at least until Pd reaches $250 or so. The Rh/Pt hedge may take more than a year to come to fruition, but that should be expected.