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Just kidding.
dev34
T Boone must have heard this because he sold everything today.
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9000 contracts.
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John
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Looks good.
dev34
I'm a little confused as to how many users can be on.
dev34
The system needs to be able to handle 50+ users at one time, each being able to post messages any time.
dev34
As far as lunch, it's a done deal.
dev34
I need names of people who should be allowed.
dev34
It is not for the whole floor, but rather for people who need to stay at their desk during the day.
dev34
Please advise, John Enron North America Corp.
dev34
What design are you talking about?
dev34
Do I have pink elephants on all my emails or something?
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I'm very enthused that I have the skillset to be an advertising critic when I grow up.
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It's something I've always wanted to do.
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PS.
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I'm a little sarcastic as well.
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Boys: I'm sorry you were not able to attend last night.
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I do appreciate your efforts to make this book as successful as it has been.
dev34
It's not quite the same as being in my company, but take your respective wives, or swap, I don't care, out this weekend on me.
dev34
Try to keep it under $300 per couple.
dev34
Keep up the good work, John
dev34
Jeff: Anything ever happen with Pedron?
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John
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Just an update: Today I set up a front month fixed price gas daily product priced at parity to NYMEX.
dev34
I thought the response was tremendous.
dev34
It really shows that we might have an angle to put out more of the curve and become the predominant benchmark for the industry rather than the exchange.
dev34
One problem I had was linking 2 syncopated basis products.
dev34
I set up a new product for the prompt that was Nov GD/D Henry Hub that was a syncopated basis of 0/0 to the Nov Nymex.
dev34
However, since Dec Nymex is a syncopated basis to Nov Nymex, I could not set up a syncopated basis link around the Dec Nymex.
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Any ideas?
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Can you swap me with Fletch.
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Try to make all of my interviews as late as possible.
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John
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Russell: I think I should give you a little background on small ventures.
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Bill Perkins and I have a strong personal and professional relationship.
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He is an extremely creative individual.
dev34
Whalley actually commented on him today as someone "who thinks outside the box".
dev34
Bill actually sat in a bar four years and said the next tradeable market would be bandwidth.
dev34
He has been successful in the gas business when he has had someone to filter his ideas.
dev34
As such he provides an informal consulting role to Enron.
dev34
He throws out ideas and, every once in a while, he comes up with a great one.
dev34
He pointed out an anomalous pricing occurence in the options market, a market I normally don't follow closely, that I translated into a multimillion dollar trade for Enron.
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In return, I have agreed to have Enron intermediate his trades within reason.
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I want to emphasize that continuing this relationship should be considered a high priority.
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I am willing to accept some of the credit risk exposure as a cost of doing business.
dev34
Bill understands his role as an independent in the market and performs the right risk/reward trades for someone with finite capital.
dev34
I place very high confidence in Bill not conducting high risk trades.
dev34
Having said that, we certainly need to monitor his credit exposure and continue to require LC's.
dev34
Just understand that he is at a different level of sophistication that any other non-investment grade counterparty.
dev34
I understand there was some concern in regards to the Transco Z6 spread option he traded.
dev34
He was absolutely right about the valuation and we, on the trading desk, knew it as well.
dev34
There are a couple isolated products that Enron does not do a good job of valuing because of systems limtations.
dev34
This was one product.
dev34
Our spread options are booked in Excel using option pricing models created by the research group.
dev34
The problem with these models is that they are strictly theoretical and don't take into account gas fundamental price limitations.
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For instance, it is less probable, though not impossible, for a transport spread from a production area to a market area to go within variable cost than the models predict.
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Thus it is necessary to apply a correlation skew curve on top of the overlying correlation used.
dev34
Obviously, we have this function in our pricing models.
dev34
I was not aware this methodology had not been transferred to the valuation models.
dev34
This has since been changed.
dev34
Fortunately these incidents tend to be extremely rare as very few non-investment grade companies trade these types of products.
dev34
Finally, on Friday Bill wanted to do a trade that reduced his exposure to Enron.
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I gave Mike Maggi the go ahead to do the trade without consulting credit.
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I do not believe that I acted out of line in approving this trade considering the circumstances.
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If you believe differently, please advise.
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Thanks, John
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John: I have asked Mike and Larry to spend half an hour each talking to you about opportunities on the gas floor.
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Please advise if the following schedule is unacceptable.
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I will be leaving today at 2:15.
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Larry 4:00-4:30 Mike 4:30-5:00 Thanks, John
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Mark: Let's keep the present system for the short-term.
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I would like to continue looking at your work for another couple weeks.
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We'll talk later, John
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Credit lines are like bandwidth.
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Create the capacity and we'll find a way to use it.
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Received
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Hey: I just want to confirm the trades I have in your book.
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Net result: I have 4000 F in your book @ 4902.
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Thanks, John
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Premonition?
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From: Jennifer Fraser 10/04/2000 03:01 PM
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Mark: We are still on for drinks on the 19th.
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You have called the market very well since you started sending me updates.
dev34
Unfortunately for both of us, a couple of good calls does not a soothsayer make.
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Thus, keep sending me your updates so I can at least get a little broader judgment of your abilities.
dev34
In terms of my trading style, I take positions to make $.25-$1, not $.05.
dev34
Too much noise in this market to trade differently for me.
dev34
Can you handle this.
dev34
Please forward all names on the daily P&L sheet.
dev34
I get a copy every day if you need.
dev34
Something to take a look at
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Thanks
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Sorry for not responding.
dev34
I don't look at my email constantly through the day.
dev34
Don't have much to do in Q/U still it widens back out.
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Thanks, John
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Yea ...
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the later the better.
dev34
Oops, I hadn't gotten to this one yet.
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